Friday, December 2, 2011

Good Deals Summit County Real Estate 12-1-11

Each month I provide Summit County Real Estate good deals. These listings contain short sales, foreclosures, bank owned, along with motivated sellers and sellers who are asking to "bring all offers!" If you are interested in seeing the best deals in Summit County, this is the place to start.

For more information on any of these properties, please contact me at 970-389-8388 or anakos@yourcastle.org.

Summit County Colorado Real Estate Market Conditions - October 2011 Update

October down 15% from September and down 15% Year Over Year.

October 2011 proves to be lowest dollar volume October since 2004.
Absorption Continues to Decrease and Number of Transactions Increase.




October 2011 had a total of 136 residential improved transactions, down 5 from September’s 141. Total residential dollar volume in October was $62.7M down from 74.4M in September, a decrease of 15.7%.

Dollar volume for all types of property was $67.8M in October, a decrease of 15% from September’s $79.8M. Total number of transactions in October for all types of real estate was 161 down only 1 from September’s 160. October 2011 dollar volume was down 15% from October 2010 which posted $79.7M in sales.

November 2011 residential sales from our MLS indicate 108 residential properties sold with dollar volume at $52.3 million.

The price point with the most activity in October is the $200,000-$300,000 and $300,000-$400,000 with 28 sales each. In second place is the under $200,000 price point with 23 sales and rounding out third place is the $500,000-$600,000 price point with 22 sales.
Average prices from 2006 to 2010 are below; 2011 numbers reflect year to date.

Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $750,429 ($754,370 - September $768,831 - August, $765,425 – July)

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $362,619 ($373,023 – September, $376,646 - August, $385,850- July)

Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $252,903 ($245,372 – September, $251,015 - August, $254,214- July)

As of December 1, 2011, there are 1,302 active residential listings in Summit County, down 106 from 1,408 in November. You can expect inventory to continue to drop until May. The total dollar value of current inventory is $950 million. As of the same date there are 373 land listings, down 6 from November.

With respect to residential listings, average days on the market is 302; median days on the market is 183. Days on market again increased this month because of much less new inventory entering the market.

Our MLS is showing 183 residential properties currently Pending, down 11 from November. Total dollar volume of pending properties per list price is $91.2 million. Pending properties continue to remain steady indicating that the market is not dropping out for the winter months.

According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 5% of residential properties are for sale and 14.5% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory.
Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market. With 136 residential properties selling in October and inventory of 1,302, it will take 9.5 months to sell the entire residential inventory. Absorption time in Summit County is becoming shorter, showing signs of an improving market. Note, however, that winter months historically have less inventory.
Below are the total dollar amounts of sales in October from 2004 to 2011:

October 2004 $117.4M
October 2005 $152.6M
October 2006 $188.7M
October 2007 $146.5M
October 2008 $118.2M
October 2009 $92.7M
October 2010 $79.7M
October 2011 $67.8M

Total Dollar Volume for 2004-2010 is as follows:

2004 $1.12B
2005 $1.47B
2006 $1.63B
2007 $1.63B
2008 $1.06B
2009 $683M
2010 $698.4M

The year 2006 had the most dollar volume totaling $1,637,874,800.

What does all of this mean to you?

October 2011 has proven to be the worst performing October since 2004 (the earliest year for which I have records.) in terms of dollar volume. Having said that, number of transactions continues to remain stable indicating that lower priced inventory combined with decreasing property values are driving down the total dollar volume yet the total number of transactions remains fairly steady.

Months of absorption again decreased this month with only 9.5 months of inventory in Summit County. When new listings hit the market in spring, you can expect absorption numbers to increase until the summer selling season again takes that number down.

To the Sellers out there: There are signs that things are getting better – or at least, not getting worse! While still a relatively slow market, absorption time is decreasing and there is less inventory.

To the Buyers out there: Last month I mentioned a situation where buyers looking for property wanted to see ten properties and three were under contract a few days later. A similar thing happened to me just yesterday when I made appointments to see 9 properties and one went under contract and another had an offer being negotiated. There are good deals to be had in this market but the best values will continue to be picked up by buyers who see the opportunity to get into this market during this downturn. I especially see this happening in the under $400,000 market.

Summit County Foreclosure Update for October 2011 Reported December 2011

In October 2011 there have been 46 foreclosure actions; 36 with fee simple (100%) ownership, and 10 for timeshares. In October the Summit County Treasurer’s Office issued 16 Public Trustee’s Deeds - 7 for fee simple ownership, and 9 for timeshares; the other one is unknown.




The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 279 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There have been 12 Certificate of Purchase actions which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 176 Public Trustee's Deeds in 2011. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity.

In terms of property types, 142 single family homes, 113 multifamily units, 14 parcels of vacant land, 6 developments, 5 commercial properties, 41 unknown actions, and 146 timeshares in Summit County had foreclosure actions filed against them so far in 2011. One hundred and ninety-nine are in Breckenridge (but note, that all timeshares are in Breckenridge). Thirty-nine are in Blue River, 38 in Silverthorne, 24 in Wildernest, and 22 in Keystone.

In looking back at foreclosure statistics in Summit County, 2009 had 300 NED’s, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED’s and 148 Public Trustee Deeds issued.


If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@yourcastle.org, or call me at 970-389-8388.

Monday, November 7, 2011

New Listing in Frisco - Luxury Single Family Home

This week I got the most beautiful listing in Frisco Colorado. It is a detached single family home, which means it is a single family home but part of a homeowner's association. It is located just off of Frisco's Main Street on Granite Street, close to Third Avenue.




If you know Frisco, then you know it's great to be close to Main Street because it is where all the summer festivals are held, there is shopping, restaurants, and night life. It is also where you can catch a ride on the Summit Stage to get to Copper Mountain or Breckenridge.

The home is a four bedroom, four bath, three story house with 2822 square feet. It has a two car garage, professional landscaping with a sprinkler system, and is professionally decorated. When entering the home, you can feel the attention to detail and the care it has been given since it was completed in 2006.


It is listed for $999,000 and the furniture can be purchased for an additional $65,000 . . . which is worth it when you see how beautiful this home is decorated and how it lives like a model!

It is situated next to a park which provides unobstructed views of Peak One to Buffalo Mountain. There is a deck off the kitchen on the second floor and a deck off the master bedroom on the third floor to enjoy the sun and the views.

The finishes are beautiful and include granite countertops, stainless steel appliances, hardwood floors, tile slate, beautiful tile patterns in the bathrooms, and much more!

If you would like more information about this amazing home, please contact me at 970-389-8388. Here are some more photos:



Kitchen



Master Bedroom



Office



Living Room



View From Dining Room



View From Master Bathroom

Wednesday, November 2, 2011

Summit County CO Foreclosure Update 11-11 http://ping.fm/7wHaU
Summit County CO Market Conditions 11-11 http://ping.fm/YPpV6
Summit County Colorado November 2011 Good Deals in Real Estate! http://ping.fm/QVKrw

Good Deals - Summit County Real Estate - 11-1-11

Who doesn't like a great deal!? Each month I feature good deals in the Summit County Colorado real estate market. This month features bank owned, short sales, foreclosures, and motivated sellers.

click below to see the good deals!

http://summit.mlxchange.com/DotNet/Pub/EmailView.aspx?r=1100444076&s=SUM&t=SUM



For more information on Summit County Real Estate, you can email me at anakos@yourcastle.org or call me at 970-389-8388.

You can also search Summit County MLS for Free using this link:

http://search.amynakos.summit.mlxchange.com/

Summit County Colorado Real Estate Market Conditions - November 2011 Update

Real Estate Statistics




September numbers up from August by over 20%
Absorption down to 10 months in Summit

September 2011 had a total of 141 residential improved transactions, up 23 from August’s 118. Total residential dollar volume in September was $74.4M up from $60.8M in August, an increase of 22.3%.

Dollar volume for all types of property was $79.8M in September, an increase of 21.2% from August’s $65.8M. Total number of transactions in September for all types of real estate was 162 up 12 from August’s 150. September 2011 dollar volume was up 2% from September 2010 which posted $78.2M in sales.

October 2011 residential sales from our MLS indicate 117 residential properties sold with dollar volume at $54.1 million.

The price point with the most activity in September is the $300,000-$400,000 with 35 sales. In second place is the $200,000 - $300,000 range with 25 sales.
Average prices from 2006 to 2010 are below; 2011 numbers reflect year to date.

Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $754,370 ($768,831 - September, $765,425 – August, $792,010-June)

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $373,023 ($376,646 - September, $385,850-August, $399,832-June)

Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $245,372 ($251,015 - September, $254,214-August, $261,398-June)

As of November 1, 2011, there are 1,408 residential listings down 244 from 1,652 residential properties for sale last month. You can expect inventory to continue to drop as sellers who haven’t sold their properties take them off the market and prepare them for winter rentals. The total dollar value of current inventory is $1 billion. As of the same date there are 379 land listings, down 22 from October.

With respect to residential listings, average days on the market is 297; median days on the market is 167. Days on market again increased this month because of much less new inventory entering the market and a lack of sales.

Our MLS is showing 194 residential properties currently Pending, down 1 from October 3, 2011. Total dollar volume of pending properties per list price is $93.5 million. Pending properties in November are almost exactly the same as in October showing continuing signs of buyer activity.

According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 5.4% of residential properties are for sale and 14.7% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory.
Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market. With 141 residential properties selling in September and inventory of 1,408, it will take 10 months to sell the entire residential inventory. The decrease in inventory combined with a higher than number of sold properties in September brought absorption from 14 months in August and 21.6 months in July down to 10 in September. While still a buyer’s market, shaving the absorption rate over half is a sign of improvement.
Below are the total dollar amounts of sales in September from 2004 to 2011:

September 2004 $116.1M
September 2005 $161.3M
September 2006 $219.9M
September 2007 $168.7M
September 2008 $127.0M
September 2009 $81.0M
September 2010 $78.2M
September 2011 $79.8M

Total Dollar Volume for 2004-2010 is as follows:

2004 $1.12B
2005 $1.47B
2006 $1.63B
2007 $1.63B
2008 $1.06B
2009 $683M
2010 $698.4M

The year 2006 had the most dollar volume totaling $1,637,874,800.

What does all of this mean to you?

With a decrease in inventory due to the winter rental season approaching and a usually strong September, absorption rates in Summit are at 10 months – close to a neutral market defined as 6 months of inventory. This is a good sign, but only a snapshot of one month that has historically high sales combined with properties leaving the market.

September 2009-2011 have produced sales volume at about half of 2005-2007. The year 2008 straddled in the middle. Assuming half the amount of sales, with most of the volume in the lower price ranges, sellers are still experiencing a strong buyer’s market, although not as strong as in the past.

To the Sellers out there: There are signs that things are getting better. While still a relatively slow market, absorption time is decreasing and dollar volume is remaining steady.

To the Buyers out there: This past weekend buyer clients of mine wanted to see around 10 properties. All 10 were active on Thursday. By Sunday, three had gone under contract. I was surprised, but then noted that they were looking for a good value, space, a garage, and a price point that was attractive to others. The market is a buyer’s market, but some sectors are more competitive than others.

Summit County Foreclosure Update for September 2011

In September 2011, there have been 36 foreclosure actions; 26 with fee simple (100%) ownership, and 9 for timeshares; the other 1 is unknown. In September the Summit County Treasurer’s Office issued 16 Public Trustee’s Deeds - 9 for fee simple ownership, and 6 for timeshares; the other one is unknown.

The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 249 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There have been 12 Certificate of Purchase actions which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 160 Public Trustee's Deeds in 2011. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity.

In terms of property types, 125 single family homes, 94 multifamily units, 14 parcels of vacant land, 6 developments, 5 commercial properties, 41 unknown actions, and 136 timeshares in Summit County had foreclosure actions filed against them so far in 2011. One hundred and seventy-eight are in Breckenridge (but note, that all timeshares are in Breckenridge). Thirty-five are in Blue River, 35 in Silverthorne, 23 in Wildernest, and 20 in Keystone.

In looking back at foreclosure statistics in Summit County, 2009 had 300 NED’s, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED’s and 148 Public Trustee Deeds issued.





If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@yourcastle.org, or call me at 970-389-8388.

Tuesday, October 4, 2011

October 2011 Summit County Real Estate Statistics

Real Estate Statistics

July dollar volume decreases from June by almost 30%!
August may show signs of slight improvement

July 2011 had a total of 83 residential improved transactions, down two from June 2011. Total residential dollar volume in July was $33.0M, down $13.7M from $46.7M in June, a decrease of almost 30%!

Dollar volume for all types of property was $35.5M in July, a decrease of 45% from June’s $65.7M. Total number of transactions in July for all types of real estate was 98, down 6 from June’s 104.

August 2011 residential sales from our MLS indicate 96 residential properties sold with dollar volume at $50.6 million. Certainly an improvement from July’s $33 million, but historically August has seen higher volume numbers.

The price point with the most activity in June is the $200,000-$300,000 with 22 sales. In second place is the under $200,000 group with 14 sales. Only 3 properties over $900,000 closed in July.
Average prices from 2006 to 2010 are below; 2011 numbers reflect year to date.

Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $765,425 ($792,010-June,$780,637-May, $764,853-April)

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $385,850 ($399,832-June, $409,389-May, $409,960-April)

Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $254,214 ($261,398-June, $261,997-May, $285,563-April)

As of September 1, 2011, there are 1,795 residential listing down 37 from 1832 residential properties for sale last month. You can expect inventory to continue to drop as sellers who haven’t sold their properties take them off the market and prepare them for winter rentals. The total dollar value of current inventory is $1.25 billion. As of the same date there are 423 land listings, same as last month.

With respect to residential listings, average days on the market is 274; median days on the market is 140. Days on market again increased this month because of much less new inventory entering the market and a lack of sales

Our MLS is showing 204 residential properties currently Pending, up 33 from July. Total dollar volume of pending properties per list price is $110 million. Pending properties continue to show an increase corroborating an increase in end of summer sales activity. With pending inventory increasing slightly, you can expect to see September and October volume increase. However, I don’t expect to see them drastically increase.

According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 6.9% of residential properties are for sale and 16.4% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory.
Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market. With 83 residential properties selling in July and inventory of 1,795, it will take 21.6 months to sell the entire residential inventory. Now, while there might be less than 10% of properties for sale, the lack of buyers can make for a long holding time.
Below are the total dollar amounts of sales in July from 2004 to 2011:

July 2004 $89.3M
July 2005 $122.0M
July 2006 $122.1M
July 2007 $138.2M
July 2008 $80.6M
July 2009 $47.4M
July 2010 $38.5M
July 2011 $35.5M

Total Dollar Volume for 2004-2010 is as follows:

2004 $1.12B
2005 $1.47B
2006 $1.63B
2007 $1.63B
2008 $1.06B
2009 $683M
2010 $698.4M

The year 2006 had the most dollar volume totaling $1,637,874,800.

What does all of this mean to you?

July residential numbers were anemic – a historically low month especially during the summer! As I mentioned a few months ago in this newsletter, this summer was going to be a barometer of how the Summit County real estate market is faring. Unfortunately, it is not picking up, instead it appears to be continuing a slow road downward. Can August and September transactions save the summer? We will have to see but it does not look like there will be any impressive increases. Instead, the Summit County Real Estate market will likely remain flat.

Sales volume is down 63% from the height of 2006.




This factor is the biggest change in our market creating an over-supply and under-demand for Summit County real estate, putting downward pressure on pricing. Sales are steady if not slowing, but surely not increasing. With months of inventory close to two years, it is still a buyer’s market and depending on which neighborhood you want, it could be the perfect time to buy.

To the Sellers out there: It’s a buyer’s market and this summer did not show signs of improvement. With almost twenty-two months of inventory county wide, you have to know that one out of every 22 listings will sell each month. How are you going to ensure your property is that one?

To the Buyers out there: My advice has not really changed – although I know you are wondering if we have hit the bottom. I would say we are in the bottom zone, but you never know when the bottom has hit until it’s over. I thought this summer would provide more sales than it has which means there are probably anxious sellers out there. Within this buyer’s market, you can find the right property for a price that we haven’t seen in years. Note that more competition exists in the under $400,000 market.

October 2011 Summit County Real Estate Bargains!

Each month I compile a list of great real estate deals in Summit County, Colorado. I focus on short sales, bank owned, motivated sellers and sellers who ask to "bring all offers."

At the link you will find a scrollbar on the upper left hand corner to browse through.

If you have any questions, please contact me at 970-389-8388 or anakos@your castle.org.

Summit County Colorado Foreclosure Statistics - October 2011


Summit County Foreclosure Update for July 2011

In July 2011, there have been 63 foreclosure actions; 25 with fee simple (100%) ownership, and 30 for timeshares; the other eight are unknown. In July the Summit County Treasurer’s Office issued 28 Public Trustee’s Deeds - 10 for fee simple ownership, and 14 for timeshares; the other four are unknown.

The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 193 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There has been 11 Certificate of Purchase actions which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 122 Public Trustee's Deeds in 2011. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity.

In terms of property types, 95 single family homes, 75 multifamily units, 12 parcels of vacant land, 5 developments, 4 commercial properties, 25 unknown actions, and 110 timeshares in Summit County had foreclosure actions filed against them so far in 2011. One hundred and forty-six are in Breckenridge (but note, that all timeshares are in Breckenridge). Twenty-nine are in Blue River, 25 in Silverthorne, 17 in Wildernest, and 15 in Keystone.

In looking back at foreclosure statistics in Summit County, 2009 had 300 NED’s, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED’s and 148 Public Trustee Deeds issued.


If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@yourcastle.org, or call me at 970-389-8388.

An on an unrelated note, here are some great photos of the fall colors in Summit County Colorado!



Monday, September 12, 2011

Summit County Colorado Foreclosure Statistics - September 2011

Summit County Foreclosure Update for July 2011

In July 2011, there have been 63 foreclosure actions; 25 with fee simple (100%) ownership, and 30 for timeshares; the other eight are unknown. In July the Summit County Treasurer’s Office issued 28 Public Trustee’s Deeds - 10 for fee simple ownership, and 14 for timeshares; the other four are unknown.

The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 193 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There has been 11 Certificate of Purchase actions which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 122 Public Trustee's Deeds in 2011. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity.

In terms of property types, 95 single family homes, 75 multifamily units, 12 parcels of vacant land, 5 developments, 4 commercial properties, 25 unknown actions, and 110 timeshares in Summit County had foreclosure actions filed against them so far in 2011. One hundred and forty-six are in Breckenridge (but note, that all timeshares are in Breckenridge). Twenty-nine are in Blue River, 25 in Silverthorne, 17 in Wildernest, and 15 in Keystone.

In looking back at foreclosure statistics in Summit County, 2009 had 300 NED’s, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED’s and 148 Public Trustee Deeds issued.




If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@yourcastle.org, or call me at 970-389-8388.

Summit County Colorado Real Estate Market Conditions - September 2011 Update

Real Estate Statistics

July dollar volume decreases from June by almost 30%!
August may show signs of slight improvement





July 2011 had a total of 83 residential improved transactions, down two from June 2011. Total residential dollar volume in July was $33.0M, down $13.7M from $46.7M in June, a decrease of almost 30%!

Dollar volume for all types of property was $35.5M in July, a decrease of 45% from June’s $65.7M. Total number of transactions in July for all types of real estate was 98, down 6 from June’s 104.

August 2011 residential sales from our MLS indicate 96 residential properties sold with dollar volume at $50.6 million. Certainly an improvement from July’s $33 million, but historically August has seen higher volume numbers.

The price point with the most activity in June is the $200,000-$300,000 with 22 sales. In second place is the under $200,000 group with 14 sales. Only 3 properties over $900,000 closed in July.
Average prices from 2006 to 2010 are below; 2011 numbers reflect year to date.

Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $765,425 ($792,010-June,$780,637-May, $764,853-April)

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $385,850 ($399,832-June, $409,389-May, $409,960-April)

Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $254,214 ($261,398-June, $261,997-May, $285,563-April)

As of September 1, 2011, there are 1,795 residential listing down 37 from 1832 residential properties for sale last month. You can expect inventory to continue to drop as sellers who haven’t sold their properties take them off the market and prepare them for winter rentals. The total dollar value of current inventory is $1.25 billion. As of the same date there are 423 land listings, same as last month.

With respect to residential listings, average days on the market is 274; median days on the market is 140. Days on market again increased this month because of much less new inventory entering the market and a lack of sales

Our MLS is showing 204 residential properties currently Pending, up 33 from July. Total dollar volume of pending properties per list price is $110 million. Pending properties continue to show an increase corroborating an increase in end of summer sales activity. With pending inventory increasing slightly, you can expect to see September and October volume increase. However, I don’t expect to see them drastically increase.

According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 6.9% of residential properties are for sale and 16.4% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory.
Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market. With 83 residential properties selling in July and inventory of 1,795, it will take 21.6 months to sell the entire residential inventory. Now, while there might be less than 10% of properties for sale, the lack of buyers can make for a long holding time.
Below are the total dollar amounts of sales in July from 2004 to 2011:

July 2004 $89.3M
July 2005 $122.0M
July 2006 $122.1M
July 2007 $138.2M
July 2008 $80.6M
July 2009 $47.4M
July 2010 $38.5M
July 2011 $35.5M

Total Dollar Volume for 2004-2010 is as follows:

2004 $1.12B
2005 $1.47B
2006 $1.63B
2007 $1.63B
2008 $1.06B
2009 $683M
2010 $698.4M

The year 2006 had the most dollar volume totaling $1,637,874,800.

What does all of this mean to you?

July residential numbers were anemic – a historically low month especially during the summer! As I mentioned a few months ago in this newsletter, this summer was going to be a barometer of how the Summit County real estate market is faring. Unfortunately, it is not picking up, instead it appears to be continuing a slow road downward. Can August and September transactions save the summer? We will have to see but it does not look like there will be any impressive increases. Instead, the Summit County Real Estate market will likely remain flat.

Sales volume is down 63% from the height of 2006. This factor is the biggest change in our market creating an over-supply and under-demand for Summit County real estate, putting downward pressure on pricing. Sales are steady if not slowing, but surely not increasing. With months of inventory close to two years, it is still a buyer’s market and depending on which neighborhood you want, it could be the perfect time to buy.

To the Sellers out there: It’s a buyer’s market and this summer did not show signs of improvement. With almost twenty-two months of inventory county wide, you have to know that one out of every 22 listings will sell each month. How are you going to ensure your property is that one?

To the Buyers out there: My advice has not really changed – although I know you are wondering if we have hit the bottom. I would say we are in the bottom zone, but you never know when the bottom has hit until it’s over. I thought this summer would provide more sales than it has which means there are probably anxious sellers out there. Within this buyer’s market, you can find the right property for a price that we haven’t seen in years. Note that more competition exists in the under $400,000 market.

Friday, August 12, 2011

Summit County Colorado Foreclosure Statistics - August 2011

Summit County Foreclosure Update for June 2011

In June 2011, there have been 49 foreclosure actions; 30 with fee simple (100%) ownership, and 18 for timeshares. In June the Summit County Treasurer’s Office issued 12 Public Trustee’s Deeds - 9 for fee simple ownership, and 3 for timeshares.

The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 168 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There has been 1 Certificate of Purchase action which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 94 Public Trustee's Deeds in 2011. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity.

In terms of property types, 83 single family homes, 64 multifamily units, 11 parcels of vacant land, 5 developments, 3 commercial properties, 17 unknown actions, and 80 timeshares in Summit County had foreclosure actions filed against them so far in 2011. One hundred and eleven are in Breckenridge (but note, that all timeshares are in Breckenridge). Twenty-four are in Blue River, 20 in Silverthorne, 15 in Wildernest, and 14 in Keystone.

In looking back at foreclosure statistics in Summit County, 2009 had 300 NED’s, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED’s and 148 Public Trustee Deeds issued. In the first six months of 2011, Summit County is at 168 NED’s, and if doubled, predicts 336 for 2011.


If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@yourcastle.org, or call me at 970-389-8388.

Amy Nakos, JD, GRI



Summit County Colorado Real Estate Market Conditions - August 2011 Update

Real Estate Statistics

June numbers flat over May.
Increase in Pending Properties.

June 2011 had a total of 85 residential improved transactions, up only 1 from May 2011. Total residential dollar volume in June was $46.7M, down $2M from $48.7M in May, a decrease of 4%.

While residential volume saw a decrease, looking at all types of properties, June showed a dollar volume increase over May. Dollar volume for all types of property however went up from May’s $56.1M to June’s $65.7M. June transactions included almost $20M of non-residential transactions. Total number of transactions in June for all types of real estate was 104, down 3 from May’s 107.

Total dollar volume on all types of transactions decreased year over year: June 2011 closed with $65.7M and June 2010 closed with $83.8M – a decline of 22.5%. July 2011 residential sales from our MLS indicate 77 residential properties sold with dollar volume at $34.2 million – a substantial decline for a summer month that historically has seen more dollar volume.

The price point with the most activity in June is the $200,000-$200,000 with 17 sales. In second place is the $300,000-$400,000 with 14 sales followed by the $400,000-$500,000 and $500,000 to $600,000 price points with 10 sales each. Ten sales over $1 million closed in June a decrease from the 14 sales in both April and May.
Average prices from 2006 to 2010 are below; 2011 numbers reflect year to date.

Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $792,010 ($780,637-May, $764,853-April, $710,227-March)

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $399,832 ($409,389-May, $409,960-April, $401,769-March)

Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $261,398 ($261,997-May, $285,563-April, $252,583-March)

As of August 1, 2011, there are 1,832 residential properties for sale, up only 7 from last month. Most of the summer inventory is already on the market, but you can always expect a few new properties to come on the market at any time. The total dollar value of current inventory is $1.29 billion. As of the same date there are 423 land listings, up 6 from last month.

With respect to residential listings, average days on the market is 261; median days on the market is 132. Days on market increased this month because of much less new inventory entering the market.

Our MLS is showing 171 residential properties currently Pending, up 42 from June. Total dollar volume of pending properties per list price is $91.7 million. Pending properties have showed an increase corroborating an increase in summer sales activity. However, with only $91.7 million pending in Summit County, the selling season for 2011 will likely not show any signs of improvement over 2010.

According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 7.1% of residential properties are for sale and 16.4% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory.
Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market. With 85 residential properties selling in June and inventory of 1,832, it will take 21.5 months to sell the entire residential inventory. Now, while there might be less than 10% of properties for sale, the lack of buyers can make for a long holding time.
Below are the total dollar amounts of sales in June from 2004 to 2011:

June 2004 $111.7M
June 2005 $112.2M
June 2006 $162.7M
June 2007 $141.8M
June 2008 $92.5M
June 2009 $34.0M
June 2010 $83.8M
June 2011 $65.7M

Total Dollar Volume for 2004-2010 is as follows:

2004 $1.12B
2005 $1.47B
2006 $1.63B
2007 $1.63B
2008 $1.06B
2009 $683M
2010 $698.4M

The year 2006 had the most dollar volume totaling $1,637,874,800.

What does all of this mean to you?

June residential numbers did not impress - instead it was even less than May – a historically low month! July residential closings, according to the MLS, show yet another decline. As I mentioned a couple months ago in this newsletter, this summer was going to be a barometer of how the Summit County real estate market is faring. Unfortunately, it is not picking up, instead it appears to be continuing a slow road downward. Can August transactions save the summer? We will have to see.

Last month, I provided the following historical graphs, but for those of you who didn’t see them, I am going to print them again.

Looking big picture at Summit County Real Estate, Summit has experienced great appreciation over the last 20 years. Recently, average prices have declined around 16%. An interesting side note, the property value reassessments also showed an average of a 16% decline in price. (While people don’t always agree with their property tax valuation, the Assessor’s formula has proven to be accurate with real MLS sales data.)

Sales volume is down 63% from the height of 2006. This factor is the biggest change in our market creating an over-supply and under-demand for Summit County real estate, putting downward pressure on pricing. Sales are steady if not slowing, but surely not increasing. With months of inventory close to two years, it is still a buyer’s market and depending on which neighborhood you want, it could be the perfect time to buy.



To the Sellers out there: Depending on the type of property you own, my advice may differ slightly. In no circumstances are you in the driver’s seat of getting the price you were told it was worth in 2007, but some property types and sectors are performing better than others. With a fairly nice inventory of distressed properties (See Good Deals Section!), in order to sell, properties must be priced aggressively and show beautifully to have a chance to sell. Given absorption numbers, only one in 22 properties is selling each month. How are you going to ensure your property is that one?

To the Buyers out there: My advice has not really changed – although I know you are wondering if we have hit the bottom. I would say we are in the bottom zone, but you never know when the bottom has hit until it’s over. I thought this summer would provide more sales than it has which means there are probably anxious sellers out there. Within this buyer’s market, you can find the right property for a price that we haven’t seen in years. Note that more competition exists in the under $400,000 market.

Amy Nakos, JD, GRI
Your Castle Summit
www.yourcastle.org
anakos@yourcastle.org





Summit County Colorado Foreclosure Statistics - July 2011

Summit County Foreclosure Update for May 2011

In May 2011, there have been 48 foreclosure actions; 27 with fee simple (100%) ownership, and 21 for timeshares. In May the Summit County Treasurer’s Office issued 21 Public Trustee’s Deeds - 14 for fee simple ownership, and 7 for timeshares.

The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 131 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There has been 1 Certificate of Purchase action which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 82 Public Trustee's Deeds in 2011. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity.

In terms of property types, 72 single family homes, 55 multifamily units, 6 parcels of vacant land, 1 development, 2 commercial properties, 16 unknown actions, and 62 timeshares in Summit County had foreclosure actions filed against them so far in 2011. Eighty-six are in Breckenridge (but note, that all timeshares are in Breckenridge). Twenty-one are in Blue River, 18 in Silverthorne, and 12 in Wildernest.

In looking back at foreclosure statistics in Summit County, 2009 had 300 NED’s, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED’s and 148 Public Trustee Deeds issued. In the first five months of 2011, Summit County is at 131 NED’s.


If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@yourcastle.org, or call me at 970-389-8388.

Amy Nakos, JD, GRI
Your Castle Summit
www.yourcastle.org
anakos@yourcastle.org





Summit County Colorado Real Estate Market Conditions July 2011 Market Update

Real Estate Statistics

May dollar volume down 12.5% from April.
Number of transactions steady.

May 2011 had a total of 84 residential improved transactions, down 3 from 87 in April 2011. Total residential dollar volume in May was $48.7 down from $55.7 million in April, a 12.5% decrease. Total number of transactions in May for all types of real estate was 107, increasing by only one from April’s 106. June 2011 residential sales from our MLS indicate 69 residential properties sold with dollar volume at $35.9 million.

The price point with the most activity in May is the $200,000-$200,000 with 16 sales. In second place is the $300,000-$400,000 with 15 sales followed by the $400,000-$500,000 price point with 13 sales. Fourteen sales over $1 million sold in May – the same as in April..
Average prices from 2006 to 2010 are below; 2011 numbers reflect year to date.

Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $780,637 ($764,853-April, $710,227-March, $705,177-February)

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $409,389 ($409,960-April, $401,769-March, $429,237-February)

Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $261,997 ($285,563-April, $252,583-March, $185,923-February)

As of July 4, 2011, there are 1,825 residential properties for sale, up 235 or almost 15% from last month. June also saw a 15% increase in inventory, raising available inventory for the summer selling season. The total dollar value of current inventory is $1.28 billion. As of the same date there are 417 land listings, up 27 from last month.

With respect to residential listings, average days on the market is 244; median days on the market is 125. .

Our MLS is showing 129 residential properties currently Pending, up 4 from May. Total dollar volume of pending properties per list price is $64 million.

According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 7.1% of residential properties are for sale and 16.2% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory.
Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market. With 84 residential properties selling in May and inventory of 1,825, it will take 21.7 months to sell the entire residential inventory. Now, while there might be less than 10% of properties for sale, the lack of buyers can make for a long holding time.
Below are the total dollar amounts of sales in May from 2004 to 2011:

May 2004 $88.2M
May 2005 $104.8M
May 2006 $137.1M
May 2007 $158.7M
May 2008 $95.6M
May 2009 $63.7M
May 2010 $63.0M
May 2011 $56.1M

May 2011 total dollar volume was lower than recorded since 2004. Since closings happen 30-60 days after contract, this indicates that March and April had fewer buyers purchasing properties in Summit.

Total Dollar Volume for 2004-2010 is as follows:

2004 $1.12B
2005 $1.47B
2006 $1.63B
2007 $1.63B
2008 $1.06B
2009 $683M
2010 $698.4M

The year 2006 had the most dollar volume totaling $1,637,874,800.

What does all of this mean to you?

May took a dip from April and June numbers don’t look too promising, showing a slow spring season for Summit County real estate.

Looking big picture at Summit County Real Estate, Summit has experienced great appreciation over the last 20 years. Recently, average prices have declined around 16%.


Sales volume is down 63% from the height of 2006. Sales are steady, but not noticeably increasing. With months of inventory close to two years, it is still a buyer’s market and depending on which neighborhood you want, it could be the perfect time to buy.





To the Sellers out there: Depending on the type of property you own, my advice may differ slightly. In no circumstances are you in the driver’s seat of getting the price you were told it was worth in 2007, but some property types and sectors are fairing better than others.

To the Buyers out there: You have been waiting patiently for the perfect deal haven’t you? Can you still get good deals? More summer inventory is providing more choices and more competition. Within a buyer’s market, you can find the right property for you for a price that we haven’t seen in years. Note that more competition exists in the under $400,000 market.

www.yourcastle.org
anakos@yourcastle.org
Amy Nakos, JD, GRI

If you are interested in signing up for my monthly newsletter filled with market statistics and good deals, please send me an email with your name, phone number and email address.




Thursday, June 23, 2011

Summit County Colorado Bank Owned Properties June 23, 2011 http://ping.fm/eW7N8

Wednesday, June 22, 2011

Summit County CO townhome - $219K. http://ping.fm/NdUY3
#amynakos
Rocky Mountain Condo, Dillon, CO $155K; 2bed, 2bath. http://ping.fm/OD3uf
Frisco, CO 3 bedroom condo with clubhouse (pool, 4 hot tubs, tennis)! $370K http://ping.fm/gGoIF

Friday, June 17, 2011

Summit County Colorado Real Estate Market Conditions. http://ping.fm/2QIB6

Summit County Colorado Real Estate Market Conditions - June 2011 Market Update

Real Estate Statistics

April 2011 sees large increase in dollar volume!
2011 year to date dollar volume up 50% from 2010 year to date

April 2011 had a total of 87 residential improved transactions, up 15 from 72 in March 2011. Total residential dollar volume in April was $55.7 million up almost 60% from $34.9 million in March. Total number of transactions in April for all types of real estate was 106, increasing only slightly from March’s 102. May 2011 residential sales from our MLS indicate 79 residential properties sold with dollar volume at $43.5 million.

The price point with the most activity in April is the $300,000-$400,000 with 14 sales. In second place is the $200,000-$300,000 with 12 sales followed by the $400,000-$500,000 price point with 11 sales. Fourteen sales over $1 million sold in April.
Average prices from 2006 to 2010 are below; 2011 numbers reflect year to date.

Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $764,853 ($710,227-March, $705,177-February, $767,461-January)

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $409,960 ($401,769-March, $429,237-February, $426,174-January)

Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $285,563 ($252,583-March, $185,923-February, $221,950-January)

As of May 5, 2011, there are 1,590 residential properties for sale, up 204 or almost 15% from last month. Many listings come on the market at the end of May. Expect listing inventory to increase as the summer progresses. The total dollar value of current inventory is $1.12 billion. As of the same date there are 390 land listings, up 21 from last month.

With respect to residential listings, average days on the market is 267; median days on the market is 149. Eight hundred and sixty-nine listings or 55% of these listings have been on the market for more than 120 days.

Our MLS is showing 125 residential properties currently Pending, down 10 from April. Total dollar volume of pending properties per list price is $61.5 million.

According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 6.1% of residential properties are for sale and 15.2% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory.
Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market. With 87 residential properties selling in April and inventory of 1,590, it will take 18.2 months to sell the entire residential inventory. Now, while there might be less than 10% of properties for sale, the lack of buyers can make for a long holding time.
Below are the total dollar amounts of sales in April from 2004 to 2011:

April 2004 $77.3M
April 2005 $94.4M
April 2006 $110.9M
April 2007 $133.8M
April 2008 $94.2M
April 2009 $37.7M
April 2010 $40.7M
April 2011 $66.3M

April 2011 total dollar volume shows improvement over the same month in 2009 and 2010, improving by 75% over 2009.

Total Dollar Volume for 2004-2010 is as follows:

2004 $1.12B
2005 $1.47B
2006 $1.63B
2007 $1.63B
2008 $1.06B
2009 $683M
2010 $698.4M

The year 2006 had the most dollar volume totaling $1,637,874,800.




What does all of this mean to you?

The story of April echoes the story of March. Month over month, March 2011 showed a 20% increase in dollar volume and a 19% increase in number of transactions over March 2010. April 2011 showed a 63% increase in dollar volume and a 16% increase in number of transactions over April 2010. Year to date dollar volume for 2011 is up 50% ($109M to $164M) and number of transactions is up 40% (213 to 300) compared to year to date 2010.

I asked last month, “Is 2011 looking better?” The statistics indicate that more activity is happening and as the old saying goes, “the numbers don’t lie.” While the over $1M luxury sector remains the place to find the real bargains, buyers have taken notice and properties over $1M sold more in April than previous months.

To the Sellers out there: Depending on the type of property you own, my advice may differ slightly. In no circumstances are you in the driver’s seat of getting the price you were told it was worth in 2007, but some property types and sectors are fairing better than others. I was told by a wise agent this week that he is telling sellers, “You are in a price war and a beauty contest . . . and you have to win both.” I couldn’t have said it better myself.

To the Buyers out there: You have been waiting patiently for the perfect deal haven’t you? While I can’t claim to be able to read the tea leaves, the tide does seem to be slowly shifting from a market where little buying activity was occurring to increased buying activity. Can you still get good deals? You can, but more competition exists in the under $400,000 market than in the last couple years.


How else can I help?


Amy Nakos, JD, GRI
Realtor
970-389-8388
Anakos@yourcastle.org
www.anakos.yourcastle.org
Your Castle Summit, LLC