January 2011 Market Highlights

Notable Sales in January 2011:

 

-Highest Priced sale in January 2011:

1/3/2011 $3,700,000 Baldy Ridge Estates PUD Lot 7/8 aka 0070 Green Jay Lane – 6 Bedroom 7 Bath YOC 2005 with 6,978 SF Living Area on 3.527 AC Land.  PPSF: $530.24

-Highest PPSF in January 2011:

1/4/2011 $725,000 Lone Eagle above River Run Condo Unit 3003 aka 0280 Trailhead Drive – 2 Bedroom 2 Bath YOC 2000 with 1,018 SF Living Area – PPSF: $712.18

There were some notable sales at the Water House on Main Street Condo in Breckenridge project in January:

Totaling: $7,089,000 in Gross Volume, with an Average Price of $787,667 per Unit, encompassing 9 Sales at an Average Price PSF of $615.37

 January 2011 Notes:

• Summit County Gross Real Estate Volume Graph: January 2011 was way up from January 2010 with monetary volume and transactions. 

• Market Analysis by Area for January:  There were 87 transactions in January with $43,547,400 in monetary volume. The Median Transaction price for all 19 areas reported was $400,000, with the median residential price at $409,000. Valley Brook and Peak One Neighborhood both started closings in January, also Water House in Breckenridge made a difference this month. Overall, January was a good month. The averages are showing an increase as well.

• Market Snapshot: The Median Price for Single Family from 2010 to YTD 2011 increased by 11%.  The Median Price for Multi-Family from 2010 to YTD 2011 increased by 16%.  The Median Residential Land price is still struggling with a 30% decrease 2010 to YTD 2011.

• Market Analysis % Change: 2011 Monetary Volume for  transactions recorded is up 45% compared to 2010.  2011 transaction volume for all transactions recorded is up 61% compared to 2010. Yeah!.

• Residential Market Sales by Price Point: There were 76 Residential Improved Units sold in January. Price points are all over the board with the most sales in the 200K to 400K price point.  A majority of the Valley Brook and Peak One accounted for the New Construction numbers.  The Average prices for the Residential Improved Units are very similar to 2010 with vacant land still much lower. Average Single Family: $767,461, Average Multi-Family-$426,174 and Average Vacant Land $221,950.

• Historical Cost Breakdown: In January 2011- there were 76 Residential Improved Unit Transactions  (Gross- $40,238,800) vs. 2010 January- 19 transactions (Gross- $10,755,600)  and January 2009-48 transactions (Gross -$27,580,600).

• Cash sales continue to climb – 54% this month! There were a total of 945 loans in January. 40 loans were related to sales, there were 280 REFI’s and 625 Deed of Trust were recorded for timeshare sales.

• Bank Sales: There were 11 Bank Sales in January  totaling $4,418,300 in gross volume which accounts for 10.15% of overall gross volume.

• Foreclosure Info: January- There were 4 Fee Simple properties that made it to the PTD process. Directions to view Foreclosures: Go to www.co.summit.co.us, on the left hand side, click on “Treasurer and Public Trustee”, Click on “Foreclosure Property Search”, Click on the “Foreclosure List ( PDF format)”.