May 2014 Highlights:
- Market Analysis by Area for May: . May was the perfect kick off to strong summer selling season, with much more positive real estate numbers in Summit County. There were 174 transactions with $91,569.106 in gross monetary volume. The average transaction price for all 18 reported areas at $521,390, average residential price was $543,646 and the median residential price was $402,500. The average residential PPSF was $320.
- YTD Transaction Summary: There have been a total of 595 transactions with $304,419,906 monetary volume, the average transaction price for all 18 reported areas is $512,455 the average residential price is $527,591, the median residential price is $403,000, the average PPSF is $321.
- Market Snapshot for YTD 2014 vs. 2013: Values are as follows: Average Indicators– Single Family +13%, Multi- Family +7% and Vacant Land +16%. Median indicators: Single Family +12%, Multi- Family +7% and Vacant Land +49%. These indicators translate into stabilizing pricing in Summit County for 2014.
- Market Analysis % Change showing years 2004-2014 YTD: May monetary volume ($91,569,106) is up 13% from May 2013, transaction volume (174) is up 10% from May 2013. 2014 YTD (5 months) monetary volume is up 6% from YTD 2013. YTD 2014 transaction volume is still down by only -2% down from YTD 2013. Inventory is low in Summit County compared to years past, you can see that YTD pricing is stronger with less transactions.
- Residential Market Sales by Price Point : Residential volume in May had 152 transactions with $82,634,206 gross volume. There were 17 properties that sold for $1M and above in May. The most active price point in May hovered between $200K to $400K. There were 58 Single family, 94 Multi-family and 7 Vacant land transactions in May.
- 2014 Average Price History: Average residential pricing continues to be highly consistent as of May – Single family increased to $851,387, Multi- family is slightly down at $369,036 and Vacant land is $376,803. 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 505 residential transactions YTD 2014 and $266,433,406 gross volume with 48 properties $1M – Compared to 2013 YTD, there were 491 transactions and $250,304,400 gross volume, 38 properties at $1M and over and in 2012 YTD, there were 405 transactions with $205,416,600 gross volume, 30 properties at $1M and over.
- Top Lender Graph: There were 428 loans in May, 61% (106) loans were related to sales and 39% (down from the past month) of the sales were cash at closing. There were 111 REFI’s and 211 loans related to Timeshares.
- Market Highlights: Please see page 10 of the Market Analysis-View the higher priced purchases in May and only one bank sale.
- Foreclosures: Foreclosures actions were up in May ( mainly from timeshares) with 22 compared to 24 last May. There are a total of 72 Foreclosure actions YTD, with 50% of those for timeshares.
- Land Title Purchaser Highlights ( Page 15): There were 18 higher end sales in May to note- you can see the details on this report. In May, the majority of our buyers for real estate transactions continue to be the Front Range demographic at 44% of our market, only 24% are local and 31% are out of state buyers.
Land Title Guarantee Company May 2014 Market Analysis |
