Tuesday, September 18, 2012

Summit County Colorado Real Estate Statistics September 2012

Real Estate Statistics

July 2012 dollar volume increases 77% from July 2011.
Pending Properties increase to over $150M.

July 2012 had a total of 99 residential improved transactions, with a total dollar volume of $51.7 million up from June’s 85 transactions and $47.5 million in dollar volume. 
Dollar volume for all types of property was $63.1M in July, up from June’s $52.1M – an increase of 21.1%. July 2012 total dollar volume was up 77% from July 2011 dollar volume which came in at $35.5M.  July’s total number of transactions came in at 126, up 17 from June’s 109. 
August 2012 residential sales from our MLS indicate 135 residential properties sold with dollar volume at $73.3 million – a nice jump from June and July.  Most of the August closings fall within the $100K-$600K price range.
July’s strongest price point was the $200,000-$300,000 price range with 21 total sales.  The $300,000-$400,000 price point had 15 sales, and the under $200,000, $400,000-$500,000, and $500,000-$600,000 price points all had 12 sales.. 
Average prices from 2006 to 2011 are as follows; 2012 numbers are year to date averages through June 2012:

Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $720,254

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $364,389

Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $291,947

As of September 10, 2012, there are 1,507 active residential listings in Summit County, down 65 from August.  The total dollar value of current inventory is $1.002 billion.  Inventory and dollar volume decreased slightly and will continue to decrease as the winter season approaches.  As of the same date there are 432 land listings, down 4 from last month.

With respect to residential listings, average days on the market is 368; median days on the market is 211 – these numbers dropped slightly from last month.

Our MLS is showing 259 residential properties currently Pending, up 30 from 229 last month, with a total dollar volume of $152.3 million, up from $129.2 million.  As can be expected, pending properties at the end of the summer selling season have increased.

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, 5.8% of residential properties are for sale and 16.8% 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 99 residential properties selling in July and inventory of 1,507, it will take around 15.2 months to sell the entire residential inventory. 

Below are the total dollar amounts of sales in July from 2004 to 2012:

July 2004   $89.3M
July 2005   $122.0M
July 2006   $122.1M
July 2007   $138.3M
July 2008   $80.6M
July 2009   $47.4M
July 2010   $38.6M
July 2011   $35.6M
July 2012   $63.0M

Total Dollar Volume for 2004-2011 is as follows:

2004                            $1.12B
2005                            $1.47B
2006                            $1.63B
2007                            $1.63B
2008                            $1.06B
2009                            $683M
2010                            $698.4M
2011                            $684.2M

The year 2006 had the most dollar volume totaling $1,637,874,800.
If you would like to see the statistics from Land Title that provides the source for this newsletter, here is a link: 

What does all of this mean to you?  

Buyers:  Have you missed the summer buyer season?  There is still time in September to take advantage of properties on the market before the winter rental season approaches and sellers take their properties off the market.  We have seen an uptick in sold properties in July, and pending properties as of early September.  This summer has seen some improvements since the recession and if the trend continues, the winter months will hold strong with steadily increasing sales.  This summer may be the last summer to take advantage of the softening market created by the recession.
In this article, I have provided an expert’s analysis of the Denver metro market from Charles Roberts, managing broker of Your Castle Real Estate in Denver. Your Castle Real Estate conducts extensive statistical market research in the Denver market and provides timely analysis on the Denver metro marketplace. Understanding that the Summit County resort market historically lags behind the Denver market by 12-18 months, and with the Denver market being “red hot,” it may be the right time to consider purchasing a Summit County property.  Next summer you might be said, “Shoulda, coulda, woulda.” 

Sellers:  I just got off the phone with a broker whom I respect and enjoy speaking with and she said the funniest thing:  “Good sellers make good sellers because they want to be good bye-ers.”  I could not have said it better myself!  Today I saw a new listing come across my desk and two years ago it was listed for $339,000 and today it came on the market for $249,000.  That’s right, a decrease of $90,000 or almost 27%.  If you are a seller who wants to be a good bye-er, you need to have the same mindset.  We are seeing more transactions taking place, but we still have over 15 months of inventory, which means your property has a one in 15 chance of selling each month.  If you can wait it out, and don’t need to be a good-bye-er, trends indicate that the market is improving, and you may be able to get a higher price for your property next summer.  As always, I continue to see beautifully remodeled properties, that aren’t inflated too radically because of the remodel, sell first.  Buyers don’t want a project when they are buying their second home – they want to move in, and head to the slopes.
As always, thank you to Land Title Guaranty Company and Brooke Roberts for these amazing statistics!  www.ltgc.com.

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