March 2014 Market Analysis Summit County Colorado

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Courtesy: Land Title Guarantee

 

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March 2014 Highlights:

  • Market Analysis by Area for March: . March was a good month-There were 119 transactions with $60,774,200 in gross monetary volume. The average transaction price for all 18 reported areas at $517,467, average residential price was $531,078 and the median residential price was $417,500. The average residential PPSF was $335. Averages continue to increase each month in 2014.
  • YTD Transaction Summary: There have been a total of 304 transactions with $153,333,500 monetary volume, the average transaction price for all 18 reported areas is $508,799, the average residential price is $508,349, the median residential price is $400,750, the average PPSF is $319 YTD. We are showing price stabilization across the board in Summit County this year.
  • Market Snapshot for 2014 vs. 2013:  Values are as follows: Average Indicators– Single Family +12%, Multi- Family +7% and Vacant Land 28%.  Median indicators: Single Family +11%, Multi- Family  +4% and Vacant Land +55%.  These indicators translate into escalating pricing in Summit County for 2014.
  • Market Analysis % Change showing years 2004-2014 YTD:  March monetary volume ($60,774,200) is up 30% from March 2013, transaction volume is +1% up from March 2013.  2014 YTD (3 months) monetary volume is up 9% from YTD 2013. YTD 2014 transaction volume is down -4% down from YTD 2013.  March numbers indicate the best increases since March 2008.
  • Residential Market Sales by Price Point : Residential volume in March had 104 transactions with $55,232,100 gross volume.  There were 9 properties that sold for $1M and above in March.  The most active price point in March changed for the first time in quite a while- between $400K -$500K. March had 27 Single family, 77 Multi-family and 7 Vacant land transactions.
  • 2014 Average Price History: Average residential pricing continues to be highly consistent as of March – Single family increased to $844,781, Multi- family is $370,038 and Vacant land is $414,465. This graph ( page 7) is a great piece to show your clients that our market has held it’s value over all these years.
  • Historical Cost Breakdown YTD 2014 : There have been 254 residential transactions YTD 2014 and $129,120,700 gross volume with 20 properties $1M – Compared to 2013 YTD, there were 239 transactions and $116,142,700 gross volume, 16 properties at $1M and over and in 2012 YTD, there were 205 transactions with $109,278,500 gross volume, 19 properties at $1M and over.
  • Top Lender Graph: There were 411 loans in March, 51% (61) loans were related to sales and 49% of the sales were cash at closing. There were 91 REFI’s and 259 loans related to Timeshares.
  • Market Highlights: Please see page 10 of the Market Analysis-View the higher priced purchases in March and no bank sales in March 2014.
  • Bank Sales and Foreclosures: Foreclosures continue to decrease with 8 actions filed. with 7 of those Fee Simple.
  • Land Title Purchaser Highlights ( Page 15):  There were 9 higher end sales in March to note- you can see the details on this report.   In March, the majority of our second homeowners for real estate transactions continue to be the Front Range demographic at 50% of our market, only 17% are local and 33% are out of state buyers.

Land Title March 2013 Market Analysis

1st Quarter Summit County Commercial Sales

Historical 2014 Market Data:
January 2014
February 2014

 

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About The Smits Team

"Every morning I’m reminded of how incredible this place is, and nothing makes me happier than to help my clients make the most of their real estate opportunities here.” Amy Smits understands the value of living in a place with wide-open spaces and limitless opportunity. And as a real estate professional serving the Eagle County Colorado area, her passion for sharing everything this place has to offer is what drives her to help her clients succeed. Whether you’re looking for a home for your family, an investment property, or you want to sell your current home, look no further than The Smits Team. They're passionate about Seizing Opportunity in Eagle County real estate.
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