February 2014 Year To Date Market Analysis
Courtesy of Land Title Guarantee Company
- Market Analysis by Area for February: . The Summit County real estate market kicked off in somewhat of a “holding pattern” this year. There were 83 transactions with $40,404,200 in gross monetary volume. The average transaction price for all 18 reported areas at $489,380, average residential price was $520,897 and the median residential price was $400,000. The average residential PPSF was $315. All of the total averages stated above were higher than last month.
- YTD Transaction Summary: There have been a total of 185 transactions with $92,559,300 monetary volume, the average transaction price for all 18 reported areas is $503,257, the average residential price is $492,591, the median residential price is $382,500 the average PPSF is $308 YTD.
- Market Snapshot for 2014 vs. 2013: Values are as follows: Average Indicators– Single Family +8%, Multi- Family 0%( flat) and Vacant Land +14%. Median indicators: Single Family +19%, Multi- Family -5% and Vacant Land +44%. These indicators possibly translate into escalating pricing in Summit County for 2014.
- Market Analysis % Change showing years 2004-2014 YTD: February monetary volume ($40,404,200) is flat -1% from February 2013. Transactions (83) were down 10% from February 2013. YTD ( 2 months), monetary volume is -2% down and -8% down with transactions from YTD 2013 ( 2 months)
- Residential Market Sales by Price Point : Residential volume in February had 67 transactions with $34,900,100 gross volume. There were 4 properties that sold for $1M and above in February. The most active price points in February continue to be between $200K -$300K. February had 21 Single family, 46 Multi-family and 9 Vacant land transactions.
- 2014 Average Price History: Average residential pricing continues to be highly consistent as of February – Single family increased to $813,462, Multi- family is $346,174 and Vacant land is $370,031. 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 150 residential transactions YTD 2014 and $73,888,600 gross volume with 11 properties $1M – Compared to 2013 YTD, there were 153 transactions and $80,367,800 gross volume, 16 properties at $1M and over and in 2012 YTD, there were 139 transactions with $75,454,500 gross volume, 13 properties at $1M and over.
- Top Lender Graph: There were 372 loans in February, 51% (42) loans were related to sales and 49% of the sales were cash at closing. There were 104 REFI’s and 226 loans related to Timeshares.
- Market Highlights: Please see page 10 of the Market Analysis-View the higher priced purchases in February and 1 bank sale from February 2014.
- Bank Sales and Foreclosures: Foreclosures continue to decrease with 11 actions filed compared to 27 in February 2013. Note the one Bank Sale looks unique on paper as it is a vacant site sale for $950,000 in Shadow Creek Ranch.
- Land Title Purchaser Highlights ( Page 15): There were 4 higher end sales in February to note- you can see the details on this report. In February, the majority of our second homeowners for real estate transactions continue to be the Front Range demographic at 51% of our market, only 11% are local and 37% are out of state buyers.
Land Title Graphs and Information
Century 21, The Smits Team is comprised of a team of local real estate professionals committed to selling some of the most desired homes in Summit County. Selling these “right addresses” is the mission of Century 21, The Smits Team. Let us know what you’re looking for. Please take advantage of the helpful tools on this website, including our exclusiveSummit County Real Estate search, but also feel free to contact us personally.
