October 2011 Summit County Market Highlights

 

Notable Sales in October 2011:

Highest Priced Sale for October 2011:

-10/11/2011 $2,650,000 Spruce Valley Ranch Subd Lot 37 aka 0942 Indiana Creek Road – 4 Bedroom 5 Bath YOC 2006 with 5,042 SF Living Area on 2.15 AC Land Area.  PPSF is $525.59-This sale is located in Blue River and along with another home sale in Spruce Valley Ranch for $760,000 – both have had a positive effect on the Blue River residential numbers.

Highest PPSF for October 2011:

-10/31/2011 $322,500 River Mountain Lodge Condo Unit E-229, Building E aka 0100 South Park Avenue – 1 Bedroom 1 Bath YOC 1994 with 564 SF Living Area.  PPSF is $571.81

October 2011 Highlights:

• Summit County Gross Real Estate Volume Graph:  Gross Volume was “off” from last month, with transactions almost the same as last month, another indication of price decreases in with our Summit County market.

• Market Analysis by Area for October:  There was $67,816,300 in Gross Volume and 161 transactions, the median transaction price for all 19 areas was $321,000, Median Residential Price $352,000 and Average Residential PPSF $272.  October was a mixed month, the local as well our National market continues to have random spurts of activity just like the stock market!

YTD Market Analysis by Area : As of this October YTD (10 months), there have been 1166 transactions with $564,080,000 monetary volume. The 10 month Median Residential Price for all 19 areas is $388,000 and average PPSF $295. There have been 300 transactions in Breckenridge ( $173,020,800 monetary volume), 131 transactions in Frisco ( $70,052,200 monetary volume), 129 transactions in Keystone ( $53,238,700 monetary volume) and 97 transactions in Silverthorne ( $51,801,000 monetary volume). 

• Market Snapshot: The Median Price for Single Family from 2010 to YTD 2011 continues to be rather flat  at -2% ( $595,000- 2011 vs. $605,000-2010).  The Median Price for Multi-Family from 2010 to YTD 2011 dropped to -8% ( $302,500-2011 vs.$327,500-2010) and the Median Residential Land price continues to reflect a significant decrease at -47% ( $179,000-2011 vs.$340,000-2010).

• Market Analysis % Change: Monetary Volume is flat YTD to 2010 YTD at -1% difference. Transactions YTD are up 14% compared to 2010 YTD. This shows the price decreases in Summit County this year, as well as last year from “peak” pricing in 2007 and 2006. October 2011 was up 5% in transactions from October 2010, and Monetary Volume was down 15% compared to October 2010.

• Residential Market Sales by Price Point: There were 136 Residential Improved Units sold in October with $62,783,300 in gross volume. There were 8 sales for over $1M. Please click on the Buyer Profile $1M Plus link above for  buyer demographics. The majority of transactions were in the price range of at $200K to $400K. 

Average Price History: The Single Family Residential average price YTD is $750,429, the Multi-Family Residential average price is $362,619 and the Vacant Land Residential average price is $252,903- All a bit lower than the past 4 years.

• Historical Cost Breakdown:  In YTD 2011- there were 947 Residential Improved Unit Transactions (Gross- $490,768,400) vs. 2010 YTD- 858 transactions (Gross- $494,759,400)  and YTD 2009-771 transactions, (Gross -$463,880,300).  The gross volume from 2011 to 2010 shows another trend of price decreases, more transactions with less gross volume.

Cash sales were at 40% in October. There were a total of 318 loans. 96 loans were related to actual sales- Only 12 loans were related to timeshares in October.  There were 210 REFI loans. Refis and Sales were steady in October.

Bank Sales:   Bank sales were down to 4 in October, totaling $963,900 in Gross Volume or $240,975 per unit, which accounts for 1.42% of the overall Gross Volume and 2.48% of the overall transactions. There have been 93 Bank Sales YTD through October, totaling $37,700,100 in Gross Volume, or $405,377 per unit, which accounts for 6.68% of the overall Gross Volume and 7.98% of the overall transactions.

Foreclosure Info: Foreclosures are consistent with one less than this same period last year. October 2011 had 46 Foreclosure actions and October 2010 had 47.

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 “Show All” at the bottom.

This information is provided by Land Title Guarantee Company