Summit County August 2014 Market Analysis

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Courtesy of: Land Title Guarantee Company

Brought to you by: Century 21, The Smits Team

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August 2014 Highlights:

  • Market Analysis by Area for August:  August experienced a downturn from last August 2013 in Summit County.  There were 203 transactions with $88,825,100 in gross monetary volume. The average transaction price for all 18 reported areas at $439,258, average residential price was $474,525 and the median residential price was $400,000. The average residential PPSF was $300.   
  • YTD Transaction SummaryThere have been a total of 1141 transactions with $546,016,981 monetary volume, the average transaction price for all 18 reported areas is $478,735. The average residential price is $502,361. The median residential price is $402,000. The average PPSF is $312.
  • Market Snapshot for YTD 2014 vs. 2013:  Values are as follows: Average Indicators for $: Single Family +3%, Multi- Family +5% and Vacant Land +10%. Median indicators for $: Single Family +5%, Multi- Family  +7% and Vacant Land +35%.  These indicators translate that the prices are still fairly stable to last year, increasing slightly. 
  • Market Analysis % Change showing years 2004-2014 YTD:  August monetary volume ($88,825,100) is down 16% from August 2013, transaction volume (203) is down 6% from August 2013.  2014 YTD (8 months) monetary volume is up 5% from YTD 2013. YTD 2014 transaction volume is  up by 2%  from YTD 2013.  
  • Residential Market Sales by Price Point : Residential volume in August had 171 transactions with $81,143,800 gross volume.  There were 7 properties that sold for $1M and above in August.  The most active price point in August was between the ranges of  $300K to $400K, with $400K- $500K in second place.  There were 66 Single family, 105 Multi-family and 8 Vacant land transactions in August.
  • 2014 Average Price History: Average residential pricing continues to be consistent as of August – Single family is $770,746, Multi- family is at $362,167 and Vacant land is $357,345. This graph on 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 953 residential transactions YTD 2014 and $478,750,481 gross volume with 72 properties selling for a  $1M and over- Compared to 2013 YTD, there were 903 transactions and $453,587,400 gross volume, 76 properties at $1M and over and in 2012 YTD, there were 718 transactions with $365,677,000 gross volume, 56 properties at $1M and over. 
  • Top Lender Graph: There were 510 loans in August, with 64% of the purchasers obtaining financing at the time of sale. 36% of the real estate closings were cash transactions.  There were 121 Refinances. 260 loans were related to Timeshare Sales.
  • Market Highlights: Please see page 10 of the Market Analysis-View the higher priced purchases in August with again no bank sales.
  • Foreclosures:  Foreclosure actions was flat with 11 in August 2014 compared to 12 in August 2013. There have been a total of 113 Foreclosure actions YTD 2014.
  • Land Title Purchaser Highlights ( Page 15):  There were 7 higher end sales in August to note- you can see the details on this report.  In August, the majority of our buyers for real estate transactions continue to be the Front Range demographic at 42% of our market, only 32% are local and 26% are out of state buyers. 

Land Title Guarantee Company August 2014 Market Analysis

Historical 2014 Market Data:
January 2014
February 2014
March 2014
April 2014
May 2014
June 2014
July 2014

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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