July 2012 Market Report

Through the end of July, Summit County saw 603 residential transactions year to date with an average sales price of $517,082.  Compared to the same time period last year (521 transactions and an avg sales price of $525,731) this represents a 15.7% increase in transactions and a 1.6% decrease is in average sales price.

July 2012 saw 95 transactions with an average sales price of $493, 929.  When compared to July 2011 (90 transactions with an avg sales price of $437,745) this is a 5.6% increase in transactions and a 12.8% increase in sales price!

Looking at the national real estate market is also a cause for optimism as Forbes reports that "The Housing Market Turns Corner" and CNN Money reports "Home Values Rise for the First Time in Five Years"!!  As always, if you have any questions or would like to see this information presented in a different format, you can reach me anytime 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”

Busiest Times of Year

 Many people have asked me when the busiest times of year are for Summit County Real Estate.  Although there are some exceptions to the rule, the year typically starts out slow and picks up pace through year end.  For example, here is a look at the number of closings per month from 2009-2011.  In these three years there were a combined total of 3,670 transactions and the chart below shows how they break down by month.

	# of transactions	% of annual
2009-2011	3670
January	172	4.70%
February	180	4.90%
March	239	6.50%
April	247	6.70%
May	290	7.90%
June	254	6.90%
July	259	7.00%
August	338	9.20%
September	436	11.90%
October	453	12.30%
November	401	10.90%
December	401	10.90%

It is important to understand that if the transactions were spread out equally you would see 305 transactions or 8.333% each month.  Any month that produces less than this number is displayed in red while the months that account for more than this appear in green.  Accordingly, any month with less than that could be considered a slow month and months with more than that could be considered busy.  It is interesting to note that the last five months of the year are generating 55.2% of the transactions while the fist seven months only account for 44.6%.  Lastly, it is important to remember that many transaction take 45 (sometimes more) days to close so, a closing in September may have gone under contract in July.

As always if you have questions or would like to see this information in a different format please feel free to contact me anytime 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”

Keystone Market Report

             In the first six months of the year Keystone saw 62 residential transactions compared to just 46 during the same time period in 2011.  Furthermore, the average sales price rose to $487,226 from $484,912 in the first half of 2011.  This represents a 35% increase in transaction and .5% increase in average sales price in the first two quarters of 2012 compared to 2011!!  Moreover, the average sales price in the first half of 2011 may be artificially inflated by a $2,195,000 sale.  By comparison the highest sales price in the first half of this year was about half that amount coming in at $1,225,000.

            Please feel free to contact me anytime with questions or if you would like to see this information in a different format.

All the best,

Tyler MacGuire  e-PRO®, SFR

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”

Q1 and Q2, 2012 Market Report

     Through the first two quarters of 2012 Summit County saw 506 residential transactions with an average sales price of $522,532.  This represents a 15% increase in transactions and 3.6% decrease in average sales price compared to the same time frame in 2011.

            

     When breaking the number of transactions down by price point the data is as follows:

• There were 106 transactions under $250,000 compared to 101 in 2011 (up 5%).

• There were 202 transactions between $250,000 and $500,000 compared to 170 in 2011 (up 19%).

• There were 166 transactions between $500,000 and $1,000,000 compared to 128 in 2011 (up 30%).

• There were 40 transactions over $1,000,000 compared to 46 in 2011 (down 13%).

As always, if you have and questions or would like to see this information in a different format, please feel free to contact me anytime at the information below.

All the best,

Tyler MacGuire  e-PRO®, SFR

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”

First Five Months, Year to Year Comparison

Here in Summit County the Real Estate market has been very active thus far in 2012.  In fact, we have seen more residential transactions in the first 5 months of the year than we have since 2008.  Nevertheless, the average sales price remains low (reflects 2006/2007 pricing) and interest rates are still at historic lows making the actual cost to purchase a home incredibly tempting.  The chart below compares the time period of January through May in the last eight years.

First 5 Months Comparison
Year	Number of Transactions	Avg Sales Price
2005	769	$385,644
2006	834	$436,458
2007	767	$536,214
2008	499	$586,947
2009	238	$677,628
2010	318	$603,584
2011	366	$553,856
2012	406	$524,455

As always, please feel free to contact me anytime with questions and have a great summer!

All the best,

Tyler MacGuire  e-PRO®, SFR

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”

Number of Transactions Up Compared to Past Years

            Although the average sales price has fluctuated a bit, over the last few years the number of transactions appears to be on the rise.  This is good news for a market with a large inventory (over a years worth) that needs to be chipped away at before we can expect to see sustained appreciation.

            In the first four months of 2010, Summit County saw 224 residential transactions with an average sales price of $526,571.  During the same time period in 2011, the number of transactions grew (25%) to 280 and the average sales price came up slightly (3.4%) to $544,489.  In the first four months of this year we have seen 294 residential transactions (up 5% compared to last year and 31% compared to 2010) with an average sales price of $532,366 (down 2% from last year and up 1% compared to 2010).

            Like any market, when there is too much supply the value goes down.  However, if the demand for properties in Summit County (AKA number of transactions) continues to grow, it is likely to lead to a decrease in supply and an increase in value.  As always, it will be interesting to see how this plays out in the coming months but, feel free to contact me anytime at the information below with questions.

                                                                                                 

All the best,

Tyler MacGuire  e-PRO®, SFR

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”

Why Savvy Investors Trade Up in a Down Market

With Real Estate prices down about 25% from a few years ago and mortgage rates still incredibly low, more and more real estate investors are taking the opportunity to sell their current property in order to purchase a larger one.  At first glance selling in a down market may seem contrary to the “buy low, sell high” theory however, in reality now is a great time to upgrade.

Let’s say for example you own a $400,000 property and there is a $700,000 property that you would prefer to own.  Just a few years ago when prices were 25% higher that $400,000 property was worth $500,000 and the $700,000 would have cost you $875,000!!!  Although you would be selling your current home for $100,000 less than you may have a few years ago, you will be able to purchase the new home for $175,000 less than a few years ago.

Lastly, with interest rates still at historical lows, the actual cost to purchase is much lower than it was a few years ago.  As always, please feel free to contact me anytime if you have questions about this or anything else relating to Summit County Real Estate.

All the best,

Tyler MacGuire  e-PRO®, SFR

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”