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