May 2013 Market Report

This Market Report is provided as a courtesy of Land Title.  Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month.  The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate. 
  

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                                                         May 2013 Highlights:

• Market Analysis by Area for May: May was the best real estate month in Summit County in 2013. There were 158 real estate transactions with $81,043,900 gross volume. The Average Transaction Price for all 18 reported areas was $512,936, Average Residential Price: $552,419 and the Median Residential Price: $430,500. The Average Residential PPSF was about the same as April at $302.
• Year to Date by Area ( 5 months):  There have been 610 real estate transactions to date, and $286,155,600 Gross Volume. The Average Transaction Price YTD is $475,660, Average Residential Price: $509,785, Median Residential Price: $384,500 and Average Residential PPSF: $288. 50% of all the real estate transactions are in between the Farmer's Corner to Blue River sections.
• Market Snapshot YTD ( 5 months ) for 2013: Average Single Family is flat ($772,861 YTD May from Full Year 2012 $764,455- 1% change) and Multi-Family decreased a bit as May YTD 2013 at -4% ( $337,944 in May YTD from Full Year $353,339). Vacant Land indicates an increase at 2%  ($314,296 YTD May from $309,512 Full Year 2012).  If you view the Median Prices on the chart below on page 4 of the Analysis- you will see that the trends vary with Single Family at no change 0%, Multi- Family was actually down 3% and Vacant Land down -10%.
• Market Analysis % Change showing years 2004-2012: May monetary volume ($81,043,900) was up 18% from May 2012. Transactions are also up by 18% from May 2012 (158).  Overall, for the past 5 months of 2013, Summit County is ahead by 18% monetary ($286,155,600) and ahead 21% transaction wise (610).
• Residential Market Sales by Price Point : Residential volume in May had 134 transactions with $74,024,200 gross volume.  There were 12 properties that sold for $1M and above in May.  The most active price points in May were between $200k-$300k. May had 55 Single Family 79 Multi-Family and 7 Vacant Land transactions .
• 2013 Average Price History: Average Residential pricing for Single family in YTD $ 772,861, Multi- family is $337,944 YTD and Vacant Land is still up at to $314,296 YTD. 
• Historical Cost Breakdown 2013 ( 5 months): There were 491 residential transactions so far in 2013 and $250,304,400 gross volume with 38 properties $1M and over.  YTD 2012, there were 403 transactions and $205,024,600 gross volume, 30 properties at $1M and over and YTD 2011, there were 384 transactions with $212,892,600 gross volume, 44 properties at $1M and over. Both number of Residential transactions and monetary volume indicate an upswing in our local real estate market!
• Top Lender Graph: Lender activity was active in May with 558 Deeds of Trust recorded, in the sales transaction category: 62% had financing at the time of sale while 38% of the Sales closed for cash.  Refi's were strong again in May with 270 transactions and there were 190 Timeshare transactions.
• Bank Sales and Foreclosures: Foreclosure actions were down with 24 transactions verses 36 last May 2012. Bank Sales were also down with only 2 transactions in May.
• Land Title Purchaser Highlights ( Page 15): A majority of our second homeowners for real estate transactions continue to be the Front Range Demographic at 41% of our market.

Land Title Guarantee Company May 2013 Market Analysis

As always, please feel free to contact me anytime with questions.  I look forward to hearing from you.

All the best,

Tyler MacGuire  e-PRO®, SFR, CNE

Broker Associate

Omni Real Estate Company

Office: 970-468-2740

Mobile: 970-409-7779    

Web: www.tylermacguire.com

“Your Guide to Summit County Real Estate”

April 2013 Market Analysis

The following information is provided courtesy of Land Title.  Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month.  The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate.  

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                                                   April 2013 Highlights:

• Market Analysis by Area for April: April has continued the upward trend with a strong real estate month in Summit County. There were 134 real estate transactions with $64,326,500 gross volume. The Average Transaction Price for all 18 reported areas: $509,640 was the Average Residential Price, $356,750 was the Median Residential Price  and Average Residential PPSF increased a bit from March at $301.
• Year to Date by Area ( 4 months- first quarter):  There have been 452 real estate transactions to date, and $205,111,700 Gross Volume. The Average Transaction Price YTD is $462,214, Average Residential Price: $493,782, Median Residential Price: $370,000 and Average Residential PPSF: $283.
• Market Snapshot YTD ( 4 months-first quarter) for 2013: Average Single Family is flat ($767,545 YTD April from Full Year 2012 $764,455- 0% change) and Multi-Family decreased a bit as April YTD 2013 at -10% ( $319,227 in April YTD from Full Year $353,339). Vacant Land still indicates an increase at 7%  ($330,054 YTD April from $309,512 Full Year 2012).  If you view the Median Prices on the chart below on page 4 of the Analysis- you will see that the trends vary with Single Family at no change 0%, Multi- Family was actually down 7% and Vacant Land down -10%.
• Market Analysis % Change showing years 2004-2012: April monetary volume ($64,326,500) was up 22% from April 2012. Transactions are up by 19% from April 2012 (134).  Overall, for the first quarter 2013, Summit County is ahead by 18% monetary ($205,111,700) and ahead 22% transaction wise (452).
• Residential Market Sales by Price Point : Residential volume in April had 118 transactions with $60,137,500 gross volume.  There were 9 properties that sold for $1M and above in April.  The most active price points in April were up one notch from March- between $300k-$400k. April had 44 Single Family and 74 Multi-Family transactions.
• 2013 Average Price History: Average Residential pricing for Single family in YTD  $767,545, Multi- family is $319,227 YTD and Vacant Land is still up at to $330,054 YTD. 
• Historical Cost Breakdown 2013 ( 4 months- first quarter): There were 357 residential transactions so far in 2013 and $176,280,200 gross volume with 26 properties $1M and over.  YTD 2012, there  were 296 transactions and $154,507,100 gross volume, 26 properties at $1M and over and YTD 2011, there were 300  transactions with $164,155,500 gross volume, 30 properties at $1M and over. The number of transactions for the first quarter of 2013 in the Residential sector shows a strong increase from the past two years with monetary volume fairly flat.
• Top Lender Graph: Lender activity was strong in April and 39% of all transactions were cash. There were 662 loans, 82 loans were sales, 275 REFI's and 305 Timeshares.
• Market Highlights: Please see page 10 of the Market Analysis- this also shows the Bank Sales from April 2103.
• Bank Sales and Foreclosures: Foreclosure actions continue to decrease, with 24 Foreclosure actions in April compared to 40 in April 2012.
• Land Title Purchaser Highlights ( Page 15): A majority of our second homeowners for real estate transactions continue to be the Front Range Demographic at 41% of our market.

To view the full report please click the link below:

Land Title Guarantee Company April 2013 Market Analysis

As always, please feel free to contact me anytime with questions.

All the best,

Tyler MacGuire  e-PRO®, SFR, CNE

Broker Associate

Omni Real Estate Company

Office: 970-468-2740

Mobile: 970-409-7779    

Web: www.tylermacguire.com

          

“Your Guide to Summit County Real Estate”

March 2013 Market Analysis

The following information is provided courtesy of Land Title.  Please  note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month.  The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate.
  

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                                                          March 2013 Highlights:

• Market Analysis by Area for March: March was a strong real estate month in Summit County. There were 118 real estate transactions with $46,679,000 gross volume. The Average Transaction Price for all 18 reported areas: $241,300 Average Residential Price: $415,987, Median Residential Price: $382,500 and Average Residential PPSF $255.
• Year to Date by Area ( 3 months): So far, there have been 318 real estate transactions to date, and $140,785,200 Gross Volume. The Average Transaction Price YTD is $453,733, Average Residential Price: $485,953, Median Residential Price: $380,000 and Average Residential PPSF: $275.
• Market Snapshot YTD for 2013: Average Single Family is flat ($758,714 in YTD March from Full Year 2012 $764,455) and Multi-Family decreased a bit as March YTD 2013 at -13% ( $306,006 in March YTD from Full Year $353,339). Vacant Land still indicates increases at 4%  ($322,956 YTD March from $309,512 Full Year 2012).  If you view the Median Prices on the chart below on page 4 of the Analysis- you will see that the trends vary with Single Family no change 0%, Multi- Family was actually down 10% and Vacant Land down -6%.
• Market Analysis % Change showing years 2004-2012: March monetary volume ( $46,679,000) was up 25% from March 2012. Transactions are up by 46% from March 2012 ( 118). This is the most $ volume and transactions in March since 2008.  Overall, for the first 3 months of 2013, Summit County is ahead by 17% monetary ( $140,785,200) and ahead 24% transaction wise (318).
• Residential Market Sales by Price Point : Residential volume in March had 86 transactions with $35,774,900 gross volume.  There were NO properties that sold for $1M and above in March ( unusual).  The most active price points in March were in between $200k-$400k.
• 2012 Average Price History: Average Residential pricing for Single family in YTD is down a bit from last month at $758,714, Multi- family stays about the same as last month at $306,006 YTD and Vacant Land is still up at to $322,956 YTD. This graph ( page 7) is a good piece to show your clients that our market has held it's value over all these years!
• Historical Cost Breakdown 2013: There were 239 residential transactions so far in 2013 and $116,142,700 gross volume with 16 properties $1M and over.  YTD 2012, there were 204 transactions and $109,016,000 gross volume, 19 properties at $1M and over and YTD 2011, there were 213 transactions with $108,402,700 gross volume, 16 properties at $1M and over. 
• Top Lender Graph: Cash sales were at 36% for all real estate closings. There were 635 loans recorded, 280 of those were REFI's, 76 loans were related to actual real estate sales and  279 were Timeshare related loans.
• Bank Sales and Foreclosures: There were 5 Bank Sales in March compared to 3 in February. Foreclosure actions were way down in March. There were a total of 22 actions being filed compared to 66 in March 2012. There were 72 Foreclosure actions so far in the first quarter of 2013.

As always, please feel free to contact me anytime with questions.

All the best,

Tyler MacGuire  e-PRO®, SFR, CNE

Broker Associate

Omni Real Estate Company

Office: 970-468-2740

Mobile: 970-409-7779    

Web: www.tylermacguire.com

       

“Your Guide to Summit County Real Estate”

How to Pay Less for Your Home

So you are considering buying a home and would like to get the best deal possible.  It’s not that unique of a situation but, many buyers fail to get the best possible deal for a number of reasons.  Below are eight of the most important considerations for a bargain hunter.

1. Act Quickly - Prices in most markets are going up and interest rates are still very low.  Don’t miss this opportunity.

2. Cash – If you can afford it, sellers always prefer cash offers.  Especially with today’s strict lending guidelines, a cash offer is more likely to close and can close in shorter period of time.

3. Savings and Credit Score – Most buyers require a loan to purchase real estate and the terms of your loan can have a huge affect on how much you pay for the property.  The ability to put 20% down and having great credit can significantly improve the terms of your loan.  Get your lender involved in the process as early as possible, so they can tell you if there is anything you need to do to improve your credit score to get a better interest rate.

4. Be Flexible – Your dream home and the best deal in town are usually not the same property.  If you truly want the best deal you may have to look for more motivated sellers rather than your favorite house in town.

5. Consider Distressed Properties – Short sales and bank owned properties can offer some of the best discounts available.  These properties typically take longer to close than conventional transactions (sometimes 6 months or more) and may need some work before you move in.  However, patience is a virtue in this situation and even with some costs to repair, there are some great deals to be had on distressed properties.

6. Clean Offers – You want to avoid making too many requests of the seller.  You should always make sure your offer contingent upon an inspection, survey and appraisal but, try to limit it to that.  If your offer is going to be contingent upon the sale of your current home and your current home is not under contract, you are not in a very good position to negotiate. 

7. Be Prepared – More and more we are seeing homes receive multiple offers.  The only way to avoid this competition as a buyer is to get the property under contract before anyone else makes an offer.  Once you find the right property for you, do not wait several days to make an offer.  These extra days could cost you dearly if another offer comes in.

8. Use a Good Realtor – Your Realtor is going to be negotiating on your behalf.  If they are not a strong negotiator you probably won’t get the best deal.  Ask your Realtor about their experience negotiating and if they are a Certified Negotiations Expert (CNE).

As always I can be reached anytime for a free buyer consultation at the information below.

All the best,

Tyler MacGuire  e-PRO®, SFR, CNE

Broker Associate

Omni Real Estate Company

Office: 970-468-2740

Mobile: 970-409-7779    

Web: www.tylermacguire.com

        

“Your Guide to Summit County Real Estate”

February Market Analysis 2013

The following information is provided courtesy of Land Title Guarantee Company.Please  note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month.  The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate.

February 2013 Highlights:

·                         Market Analysis by Area for February: February was a quieter month than January. The heart of winter is normally a ski resort area's down real estate time. There were still 92 real estate transactions with $40,697,000 gross volume. The Average Transaction Price for all 18 reported areas: $231,633, Average Residential Price: $501,072, Median Residential Price: $361,500 and Average Residential PPSF $275.

·                         Year to Date by Area ( 2 months): So far, there have been 200 real estate transactions to date, and $94,106,200 Gross Volume. The Average Transaction Price YTD is $242,757, Average Residential Price: $525,280, Median Residential Price: $375,000 and Average Residential PPSF: $286.

·                         Market Snapshot YTD for 2013: Average Single Family increased by 15% ( $878,488 in February from Full Year 2012 $764,455) and Multi-Family stayed the same as January 2013 at -12% ( $309,637 in February from Full Year $353,339). Vacant Land indicated a 3% increase ($317,600 in January from $309,512 Full Year 2012).  If you view the Median Prices on the chart below on page 4 of the Analysis- you will see that the trends vary with Single Family increasing by 3%, Multi- Family was actually down 13% and Vacant Land was up 55%.

·                         Market Analysis % Change showing years 2004-2012: February monetary volume ( $40,697,000) was down 6% from February 2012. Transactions are up by 16% from February  2012 ( 92). Overall, for the past 2 months of 2013, Summit County is ahead by 13% monetary ( $94,106,200) and 14% transaction wise (200).

·                         Residential Market Sales by Price Point :Residential volume in February had 64 transactions with $32,068,600 gross volume.  There were 6 properties that sold for $1M and above in February.  The most active price points in February were in between $200k-$400k.

·                         2012 Average Price History: Average Residential pricing for Single family in YTD is up to $878,488, Multi- family was down to $309,637 and Vacant Land is still up at to $317,600.

·                         Historical Cost Breakdown 2013: There were 153 residential trans
actions so far in 2013 and $80,367,800 gross volume with 16 properties $1M and over.  YTD 2012, there were 139 transactions and $75,454,400 gross volume, 13 properties at $1M and over and YTD 2011, there were 141 transactions with $73,491,600 gross volume, 12 properties at $1M and over. 

·                         Top Lender Graph: Cash sales were at 41% for all real estate closings. There were 522 loans recorded, 240 of those were REFI's, 54 loans were related to actual real estate sales and  228 were Timeshare related loans.

·                         Bank Sales and Foreclosures: There were 3 Bank Sales in February. There were 27 Foreclosure actions filed in February 2013 compared to  34 last February 2012 - with 8 being Fee Simple and 4 making actual PTD. A  majority of our Foreclosure actions continue to be Timeshares.

The full report can be found here: Land Title Guarantee Company 2013 FEBRUARY Market Analysis

As always, please feel free to contact me anytime with questions.

All the best,

Tyler MacGuire  e-PRO®, SFR, CNE

Broker Associate

Omni Real Estate Company

Office: 970-468-2740

Mobile: 970-409-7779    

Web: www.tylermacguire.com

       

“Your Guide to Summit County Real Estate”

2012 Year End Condo Report

             By now you have probably heard (perhaps multiple times) that the housing market recovery has begun.  However, there are still some great opportunities to take advantage of historically low interest rates and low prices.  Specifically, the Summit County Condo Market is an incredible opportunity right now!

            In 2011, 534 condos sold in Summit County with an average sales price of $339,791.  By comparison, 2012 saw 609 sales (14% increase) while the average sales price dropped 9% to $309,308.  In short prices are still very low but, with transactions on the rise prices are likely to go up in the foreseeable future.

            Currently there are still 549 active condo listings on the market with another 70 pending sale.  Please feel free to contact me anytime to discuss which of these properties is right for you.

All the best,

Tyler MacGuire  e-PRO®, SFR, CNE

Broker Associate

Omni Real Estate Company

Office: 970-468-2740

Mobile: 970-409-7779    

Web: www.tylermacguire.com

         

“Your Guide to Summit County Real Estate”


The information contained herein is based solely on the Summit County MLS.

Land Title December and Year End Market Analysis 2012

Please  note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month.  The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate.  

 
December- Year End 2012 Highlights:

Market Analysis by Area for December:  December was the third best month of 2012. There were 185 real estate transactions with $87,217,800 gross volume.

Market Analysis by Area Year- to- Date ( 12 months): There have been 1624 transactions, with $772,913,600 Gross Volume in 2012. 2012 finished with the Average Residential Price at $512,592, Median Residential Price at $400,000 and Average PPSF at $291. Breckenridge ( Blue River to Farmer's Corner) accounted for 46% of the $ volume, Copper 3%, Frisco 11%, Keystone 12% and Silverthorne 12%.

Market Snapshot YTD for 2012: Snapshot values for the Average Prices were fairly even to last year- Single Family increased by 4% and Multi-Family fell slightly at -4%. Vacant Land indicated a 26% increase.  If you view the Median Prices on the chart below on page 4 of the Analysis- you will see that the trends are similar with Single Family increasing by 6%, Multi- Family was actually up by 3% and Vacant Land was up 27%.

Market Analysis % Change showing years 2004-2012:December 2012 $ Volume was up 42% over  December 2011, December 2012 transactions were up by 32% compared to December 2011. December 2012 was our best December since 2007.  Over all, 2012 finished with an increase of 13% in monetary volume ( $772,913,600) and 12% above last year with transactions( 1624). These numbers are the best since 2008.

Residential Market Sales by Price Point for December and 2012:  Residential volume in December had 149 transactions with $75,641,800 gross volume.  There were 11 properties that sold for $1M and above in December.  2012 Average Residential prices- Single Family: $764,455 ( 509 transactions), Multi- Family: $353,339 (805 transactions) and Vacant Land: $309,512 ( 114 transactions) are trending similar to pricing in 2006 with the largest increase in transactions since 2008.
 
2012 Average Price History:  This is a great graph to show your clients and friends the steady and realistic average pricing for Single and Mulit- Family residences in Summit County over years.

Historical Cost Breakdown 2012:  There were 1314 residential transactions 2012 and $673,545,600 gross volume and 106 properties over $1M.  YTD 2011, there were 1176 transactions and $598,530,900 gross volume, 101 properties at $1M and over and YTD 2010, there were 1106 transactions with $613,611,200 gross volume,120 properties at $1M and over. The strongest Residential price point for the past three years in Summit County has been in the $200k-$300K price range.

Top Lender Graph:- Cash sales went down a little in December  41% for all real estate closings. Year total cash sales averaged 42%.  There were 687 Mortgage Deed recordings in December. 110  loans were related to sales ( 59%), there were 282 REFI's and 295 Timeshare loans. 2012 total- there were 6222 total loans, 949 loans were related to sales ( 15%), 2867 loans were REFI's (46%) and 2406 Timeshare loans ( 39%).

Bank Sales and Foreclosures: Bank sales in December were flat to November 2012 at 3. Year total there were 64 Bank sales totaling $20,669,875 gross volume or $322,967 per unit which accounts for 2.67% of the overall gross volume or 3.94% of the total transactions in 2012.  Year end Foreclosure info for 2012- there were 251 NED's, 132 NED's withdrawn, so 119 Active NED's presently for 2012, and PTD at 165. 2012 Foreclosures are showing a downward trend in 2012. A large % of NED's in December were Timeshares, most of the unsettled NED's have now converted to PTD including the leftovers from 2011.

Highest Priced Sale & Highest PPSF for December 2012:
-11/7/2012 Mountain Thunder Lodge Condo Ph II Unit 303, Building 3 aka 0063 Mountain Thunder Drive – 2 Brm 2 Bath YOC 2005 with 1,055 SF Living Area.  PPSF is $687.20
-12/26/2012 Trappers Glen Subd #2 Lot 10, Single Fam. PPSF: $560.84, STATSF 6958, 6 Bed, 7 Bath, .51 Land size, 1060 Four O'Clock Rd. $3,902,300.

Land Title Guarantee Company December 2012 Market Analysis

 Land Title December 2012 Buyer's Profile

Land Title Year End Commercial 2012 Sales

25 Year Residential Gross Volume Housing Index

25 Year Residential Average Price Housing Index

As always, please feel free to contact me anytime with questions.

All the best,

Tyler MacGuire  e-PRO®, SFR, CNE

Broker Associate

Omni Real Estate Company

Office: 970-468-2740

Mobile: 970-409-7779    

Web: www.tylermacguire.com

       

“Your Guide to Summit County Real Estate”