August 2011 Summit County Market Highlights
Notable Sales in August 2011:
Highest Priced Sale in August 2011:
-8/4/2011 $2,849,000 Lewis Ranch at Copper ( New Construction) Lot 42R aka 620 Beeler Place – 5 Bedroom 9 Bath, built in 2009 with 5,877 SF Living Area on .221 AC Land. PPSF is $484.77.
-Highest PPSF in August 2011:
8/26/2011 $740,000 Crystal Peak Lodge Condo Unit 7206 aka 1891 Ski Hill Road – 2 Bedroom 2 Bath, built in 2007 with 1,163 SF Living Area. PPSF is $636.29
August 2011 Highlights:
- Summit County Gross Real Estate Volume Graph: August was the second highest in Gross $ Volume on the year with $65.8M in sales, almost double of what July 2011 held for Summit County. August beats all other months besides April this year.
- Market Analysis by Area for August: There were 150 transactions last month. Frisco was a busy town last month with 23 transactions and 20% of the overall gross $ volume in Summit County. Keystone came in next with 16 transactions and 8% of the overall gross $ volume, Silverthorne had more gross $ volume with 10% and 14 transactions. Breckenridge normally holds the # 1 spot each month for real estate activity, 28 transactions with 26% of the gross $ volume. The overall median Residential Price is at $383,100 for the 19 reported areas.
Market Analysis by Area YTD: As of this August YTD (8 months), there have been 843 transactions with $416,464,300 monetary volume. The 8 month Median Residential Price for all 19 areas is $394,500, PPSF $303.
- Market Snapshot: The Median Price for Single Family from 2010 to YTD 2011 continues to be flat ( $602,500 2011 vs. $605,000-2010). The Median Price for Multi-Family from 2010 to YTD 2011 is still pretty flat at -3% ( $317,950-2011 vs.$327,500-2010) and the Median Residential Land price is still has a big decrease -47% ( $179,000-2011 vs.$340,000-2010).
- Market Analysis % Change: YTD 2011 Monetary Volume for transactions recorded is up 2% compared to YTD 2010. YTD 2011 transaction volume for all transactions recorded is up 17% compared to YTD 2010- this shows the sign of some price decreases in Summit County. Monetary Volume for August 2011 is down 17% compared to August 2010 and transactions for August 2011 are UP 28% compared to August 2010.
- Residential Market Sales by Price Point: There were 118 Residential Improved Units sold in August with $60,837,000 gross volume ( almost double again from July 2011). There were 12 sales for over $1M. The majority of transactions were in a higher price range in August at $300K to $400K price range. We are seeing the YTD Single Family Residential Pricing at $768,831- in between the years of 2007 and 2006, and the YTD Multi-Family at $376,646 seems to be in between the years of 2010 and 2009.
- Historical Cost Breakdown: In YTD 2011- there were 670 Residential Improved Unit Transactions (Gross- $353,536,800) vs. 2010 YTD- 570 transactions (Gross- $334,221,900) and YTD 2009-500 transactions (Gross -$299,346,500).
Lender Info: - Cash sales were up to 45%. There were a total of 678 loans in August. The high number of DOT recorded in August was influenced by recordings in Grand Lodge & Grand Timber (Breckenridge Grand Vacations) However, sales DOT & refi’s remained consistent. 83 loans were related to sales, there were 156 REFI’s and 439 Deed of Trust were recorded for timeshare sales.
Bank Sales: Bank sales remained consistent, with 6 recorded in August, totaling $1,103,100 in gross volume or $183,850 per unit which accounts for 1.67% of the overall August gross volume. Overall there have been 79 Bank Sales YTD through August 2011, totaling $33,427,200 in gross volume or $423,129 per unit which accounts for 8.03% of overall gross volume in Summit County.
Foreclosure Info: Foreclosure actions are up with 59 for August ( 17 of these are Timeshares), making the YTD. total: 385 ( 127 are Timeshares)through August 31st.
Information curtesy of Land Title Guarantee Company
