Summit County Real Estate Market Data
One of the most common questions asked by potential Buyers and Sellers of Summit County real estate is "how is the market doing?". The following information is provided by a variety of sources and seeks to answer this general question.
Most of this market data is assembled in the aggregate (i.e. totals, averages, trends, etc.).
Determining the fair market value of any specific property at any given point in time requires comparing it to the most recent sales and current listings of comparable properties. Contact us for such an analysis and visit our blog for periodic articles based on the data below.
Land Title Guarantee Company Data
Land Title is one of the largest and longest operating closing companies in Colorado. They have Summit County offices in Breckenridge, Frisco, and Dillon. They also have about 40 other offices throughout Colorado and customers are able to sign Closing documents at any of their locations, regardless of where the property is that they are buying or selling.
December Summit County Real Estate Market Analysis
December 2017 / Year End Highlights:
- Market Analysis by Area for December 2017: There were a total of 230 transactions and $153,007,686 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $690,307, average residential price was $764,231 and average residential PPSF was $430.
- Year to Date Market Analysis (12 months): Monetary volume in 2017 totaled $1,659,150,308 with 2607 transactions: $650,139 average transaction price, $686,314 average residential price and average residential PPSF $430.
- Market Snapshot for Years 2017 vs 2016: Average Indicators for $: Single Family +16%, Multi- Family +16% and Vacant Land -8%. Median Indicators for Single Family +18%, Multi- Family +17% and Vacant Land -8%.
- Market Analysis % Change YTD 2017: Monetary volume ($153,007,686) in December 2017 was up 25% from December 2016. Transactions (230) were up 13% from December 2016. Year End 2017, monetary volume is up by 18% and transactions are up 5% compared to YTD 2016. Year end totals for monetary volume surpass all numbers since we have been tracking, and transactions have not been this high since 2007.
- Residential Market Sales by Price Point: Residential volume in December had 175 transactions with $133,740,436 gross volume. There were 31 properties that sold for $1M and above in December. The most active price points were up last month at $400K-$600K with 52 transactions. In 2017, there were 756 Single Family, 1429 Multi-Family and 187 Vacant Land transactions.
- Comparative Historical Cost Analysis 2017 YTD: There were 2185 residential transactions and $1,499,595,769 gross $ volume with 342 properties selling for $1M and over-compared to 2016, there were 2087 transactions and $1,210,067,633 gross $ volume, 225 properties at $1M and over. In 2015, there were 2100 transactions with $1,148,024,568 gross $ volume,198 properties at $1M and over.
- Average Price History by Type (2017): Average price for residential Single Family: $1,087,893, Multi- Family: $473,862 and Vacant Land: $323,692.
- Top Lender Graph: Top Lender Graph December and 2017: There were 411 loans in December, 71% (230) of the loans were related to sales, there were 115 REFI's and 133 loans were timeshare related. 29% of the real estate closings were cash transactions. 2017 Lender data: There were a total of 5782 loans in 2017, 1733 loans related to sales (66%), there were 1539 REFI's, 2510 timeshare related sales and 34% of all real estate transactions were cash.
- Market Highlights: Please see page 10 of the Market Analysis- You can note the higher priced sale in December in Shock Hill, Breckenridge. Also, a Mountain Thunder Lodge property was the highest PPSF at $837. There were 3 bank sales in December.
- Foreclosures: Actions were up in December at 10, compared to 4 in December 2016. 8 of those 10 actions were fractional ownership. we closed 2017 with 37 NED's, 21 withdrawn, actives for 2017 are at 16, with a total of 8 Public Trustee's Deeds issued. In 2016 there were 9 Public Trustee's Deeds issued.
- Purchaser Profile Abstract: There were 33 upper end sales in December. Our buyers for real estate transactions for 2017: Front Range demographic at 40% of our market, 28% are "local" and 32% are out of state buyers with .4% International.
- Land Title New Development Summary: This (page 16) shows all the new construction each month, there were 39 in December compared to 22 in November.