Tuesday, February 19, 2013

Summit County Colorado Real Estate Statistics December 2012 and 2012 Year in Review


Real Estate Statistics

December 3rd best month in 2012.

2012 Dollar Volume up 42% over 2011.


While we have been seeing signs of improvement in the market, 2012 year end statistics prove that we are in a recovery.  Both dollar volume and number of transactions increased finishing off the year with the best numbers we have seen since 2008.

Frisco, CO
 

December 2012

In December there were 185 transactions up from November’s 154 transactions with $87.2 million in dollar volume over November’s 66.86 million in dollar volume.  For residential properties there were 149 closings with $75.64 million in dollar volume.  December proved to be the third best month in 2012 which is surprising since December is not historically a strong month.  This means that October and November saw more buyer activity than in previous years.

 

2012 Transactions

In 2012 there have been 1,624 transactions, with $772,913,600 of total volume. 2012 finished with the Average Residential Price at $512,592, Median Residential Price at $400,000 and Average price per square foot at $291.


 

2012 Appreciation

Snapshot values for the Average Prices were fairly even to last year.  Single Family properties increased by 4% and Multi-Family fell slightly at -4%. Vacant Land indicated a 26% increase.  In looking at Median pricing, the trends are similar with Single Family increasing by 6%, Multi- Family was actually up by 3% and Vacant Land was up 27%.  Because more lower priced multi-family units (condos) sold in 2012, the average price was pulled down even though it is not necessarily true that appreciation was down. 


Average prices from 2006 to 2012 are as follows:


Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $764,455

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $353,339


Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $309,512


As of February 1, 2013, there are 1,015 active residential listings in Summit County, up only 2 from January.  The total dollar value of current inventory is $725.8M.  Inventory has remained steady and will jump again in May.  As of the same date there are 338 land listings.


With respect to residential listings, average days on the market is 396; median days on the market is 245 – these numbers continue to creep up as inventory falls and no influx of new inventory comes on the market.


Our MLS is showing 157 residential properties currently Pending with a total dollar volume of $86.9M.  Pending sales are almost exactly the same as they were last month.

 

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, 3.9% of residential properties are for sale and 13% 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 149 residential properties selling in December and inventory of 1,015, it will take around 6.8 months to sell the entire residential inventory.  We are closer than EVER to reaching the 6 month “par” number.  Once inventory drops below 6 months of inventory, it will become a seller’s market.

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

December 2004   $135.6M
December 2005   $143.1M
December 2006   $156.8M
December 2007   $135.7M
December 2008   $61.0M
December 2009   $102.7M
December 2010   $70.1M
December 2011   $61.6M
December 2012   $87.2M


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
2012                            $772.9M (up 13% over 2011)

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:  Our inventory is low now with only about 6 months of absorption.  In February 2010 Summit County had 30 months of absorption.  What was once a strong Buyer’s market is statistically turning into a Seller’s market.  Well price properties will move quickly.   If you would like more information, ask me for my Summit County Buyer’s Guide!

 

Sellers:  2013 might be your year. With the top selling properties under the $500,000 price point, you will be more likely to sell if you own in that price range.  In fact, for the last 3 years, the top selling price range is $200,000-$300,000.  Inventory is low now so if you have a property that can be competitive in the marketplace, consider listing it now instead of being buried in the spring influx of listings.  And as I have said many times before, market conditions are segmented by community and property type.  For a realistic analysis of your chances of selling, contact me directly for a customized report.

 

Thanks to Land Title for the great statistics!
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