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Mountain 2012 Report
Friday, January 18, 2013
Colorado Mountain Region Real Estate Report 2012
January 2013 Summit County Real Estate Statistics
Real
Estate Statistics
Solid November numbers continuing
recovery.
2012 exceeds 2011 without December
numbers.
November proved to be a strong month in Summit County real estate even on the tail of October which was record breaking. There were 154 total transactions with $66.86 million in dollar volume. For residential properties there were 133 closings with $61.44 million in dollar volume. Year over year, dollar volume increased by 14% and number of transactions increased by 8%. A modest increase, but a continuation of a positive trend that has been happening since July where the statistics truly began to show a turnaround from the recession.
While dollar volume and number
of transactions are increasing, median pricing remains fairly flat. The Median Single Family YTD (from last
month) indicates a 6% increase ($619,000 from $583,750 in 2011), The Median
Price of Multi- Family YTD shows a 4% increase from 2011 ($317,550 from
$305,000 in 2011) and Median residential Vacant Land continues to increase with
a 32% increase ($230,250 from $175,000 in 2011). The price of
Breckenridge residential vacant land has really skyrocketed this year.
November’s strongest price point was the $200,000-$300,000
price range with 30 total sales. In
second is the $300,000 - $400,000 price point with 26 sales. The price point under $200,000 came in third
with 18 closings. And in fourth and
fifth were $400,000-$500,000 with 17 and $500,000-$600,000 with 14. Only 6 properties over $1m sold in November. Average prices from 2006 to 2011 are as
follows; 2012 numbers are year to date averages through November 2012:
Single Family Homes:
2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $758,972
Multi Family:
2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $352,875
Vacant Land:
2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $316,556
As of January 15, 2013, there
are 1,013 active residential listings in Summit County, down 98 from a month
ago. The total dollar value of current
inventory is $708M. Inventory will
continue to drop until spring. As of the
same date there are 335 land listings.
With respect to residential listings, average days on the market is 404; median days on the market is 239 – these numbers continue to creep up as inventory falls and no influx of new inventory comes on the market.
Our MLS is showing 145 residential properties currently Pending with a total dollar volume of $86M. Pending sales are down from November and December.
According to Summit County
Industry experts also say that more than 6
months of inventory is a sign of a weak or “buyers” market. With 133 residential
properties selling in November and inventory of 1,013, it will take around 7.6
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 November
from 2004 to 2012:
November 2004 $116.3M
November 2005 $193.5M
November 2006 $138.2M
November 2007 $156.9M
November 2008 $58.0M
November 2009 $64.6M
November 2010 $60.1M
November 2011 $58.5M
November 2012 $66.8M
November 2004 $116.3M
November 2005 $193.5M
November 2006 $138.2M
November 2007 $156.9M
November 2008 $58.0M
November 2009 $64.6M
November 2010 $60.1M
November 2011 $58.5M
November 2012 $66.8M
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: November numbers, which continue to show
signs of improvement, show as an overall market we are climbing out of the
bottom. Price appreciation, while not
noticeable yet, is showing signs in some sectors. Absorption rate is hanging around 7 months
which is very close to “par” for market conditions. Vacant land costs have taken a jump and
developers are building new product, feeling bullish that when their projects
are done, demand will be in place to purchase the new units. As each day
passes, you will see that prices will continue to increase and desirable, well
priced product will be purchased quickly.
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. 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!
Thursday, December 6, 2012
Summit County Colorado Real Estate Deals December 2012
Good
Deals December
December good deals feature Bank Owned, REO,
Foreclosures and Short Sales along with Motivated Sellers! If you are looking
for a great deal in Summit County, start here!
There are 20 good deals this month! Far
less than just a year ago when the good deal list was at least 50
properties!
Merry Statistics - Ho Ho Ho! Summit County Colorado Macro Statistics 1990 to 2012
As you might
suspect, I am very often asked how the market is doing. I provide these monthly
reports to keep my clients up to date on real estate market trends in Summit
County, but I can imagine that actually digesting the information each month is
a bit much to remember. So this month, I'm providing more macro information so
you can see longer term trends.
Last month, the
owner of Your Castle Real Estate, Lon Welsh, a number cruncher and chart maker
extraordinaire, used Summit County MLS data to analyze the trends we are seeing
in the market. I'm excited to be able to provde them to you this month!
The takeaway from
the market trends is that sales volume is down around 65% from the height
in 2007 and average prices are down around 16%, more in some markets. The
recovery is underway as prices stabilize and sales increase.
Merry Statistics!
Summit County Colorado Real Estate Statistics December 2012
Real
Estate Statistics
Holy October!
Dollar volume up 54% and number of
transactions up 43% from 2011.
October was the most positive month that Summit County has seen in quite some time! There were 230 total transactions with $104,706,100 in gross volume. This is the best month with transaction numbers since April 2007 and a better gross volume since September 2008. October showed solid volume from mostly residential sales. There were no HUGE sales that put Summit County in this place that would have skewed the figures this month. September 2012 had a total of 124 residential transactions with dollar volume at $77.6M and October’s residential volume was $93.1M with 190 transactions. October dollar volume was almost 20% more than September.
While dollar volume and number
of transactions are increasing, median pricing remains fairly flat. The Median Single Family YTD indicates a 6%
increase ( $619,000 from $583,750 in 2011), The Median Price of Multi- Family
YTD shows a 4% increase from 2011 ($317,550 from $305,000 in 2011) and Median
residential Vacant Land continues to increase with a 32% increase
($230,250 from $175,000 in 2011). The price of Breckenridge residential
vacant land has really skyrocketed this year.
October really kicked up the
numbers for YTD 2012. YTD 2012, gross volume is now up 10% from YTD 2011.
Gross monetary volume is up October 2012 by 54% from October 2011. Number of
transactions YTD 2012 vs. YTD 2011 are up by 10%. Number of transactions
in October 2012 are up 43%
vs. October 2011.
October’s strongest price point was the $200,000-$300,000
price range with 41 total sales. The
price point under $200,000 came in with 32 closings, $300,00-$400,000 had 31
closings, $400,000-$500,000 had 23 closings, $500,000-$600,000 had 15 closings and
$600,000-$700,000 had 14 closings. Average prices from 2006 to 2011 are as
follows; 2012 numbers are year to date averages through October 2012:
Single Family Homes:
2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $765,769
Multi Family:
2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $352,392
Vacant Land:
2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $317,000
As of November 30, 2012, there
are 1,111 active residential listings in Summit County, down 66 from October. The total dollar value of current inventory
is $793M. With the winter rental season
upon us, Sellers who didn’t sell are putting their properties into rental pools. As of the same date there are 383 land
listings.
With respect to residential listings, average days on the market is 405; median days on the market is 237 – these numbers continue to creep up as inventory falls and no influx of new inventory comes on the market.
Our MLS is showing 198 residential properties currently Pending with a total dollar volume of $104M. Pending sales are up slightly from the beginning of this month which should indicate strong November and December numbers.
According to Summit County
Industry experts also say that more than 6
months of inventory is a sign of a weak or “buyers” market. With 190 residential
properties selling in October and inventory of 1,111, it will take around 5.84
months to sell the entire residential inventory. This is the first time in YEARS that
inventory has been at or around the 6 month mark – another sign of an improving
real estate market.
Below are the total dollar amounts of sales in October
from 2004 to 2012:
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
October 2012 $104.7M
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
October 2012 $104.7M
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.
Foreclosure actions are still dropping with only
26 actions filed in October, compared to 46 last October, a decrease of
43.47%. Public Trustees deeds are being issued on about 41% of the NED
filings on the year to date. There have been 151 Public Trustees Deeds
issued so far in 2012. Of these, only 62 were for real property,
the remaining 89 were for Timeshare units.
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: October numbers have proven that we are out
of the bottom. Price appreciation, while
not noticeable yet, is showing signs in some sectors. Absorption rate is below 6 months for the
first time in years. Vacant land costs
have taken a jump and developers are building new product, feeling bullish that
when their projects are done, demand will be in place to purchase the new
units. As each day passes, you will see that prices will continue to increase
and desirable, well priced product will be purchased quickly.
Sellers: I will repeat what I said last month: Certain market segments are moving quickly
and others are still stagnant. If you
purchased at the height, don’t expect to recoup your costs anytime soon. If, however, you have been thinking about
selling for some time, there is a chance that your property might be able to
bring you a return. If you can wait it
out, improvements are happening and our market is on its way to a recovery.
Want more information? anakos@yourcastle.org; 970-389-8388
Wednesday, November 14, 2012
The 3.8% Tax - News from the National Association of Realtors
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What's This 3.8% Tax
Anyway?
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According to the National Association of Realtors, here are the top
10 Things You Need to Know About the 3.8% Tax
* When you add up all of your income from every possible source, and that total is less than $200,000 ($250,000 on a joint tax return), you will not be subject to this tax. * The 3.8% tax will never be collected as a transfer tax on real estate of any type, so you'll never pay this tax at the time that you purchase a home or other investment property. * You'll never pay this tax at settlement when you sell your home or investment property. Any capital gain you realize at settlement is just one component of that year's gross income. * If you sell your principal residence, you will still receive the full benefit of the $250,000 (single tax return)/$500,000 (married filing joint tax return) exclusion on the sale of that home. If your capital gain is greater than these amounts, then you will include any gain above these amounts as income on your Form 1040 tax return. Even then, if your total income (including this taxable portion of gain on your residence) is less than the $200,000/$250,000 amounts, you will not pay this tax. If your total income is more than these amounts, a formula will protect some portion of your investment. * The tax applies to other types of investment income, not just real estate. If your income is more than the $200,000/$250,000 amount, then the tax formula will be applied to capital gains, interest income, dividend income and net rents (i.e., rents after expenses). * The tax goes into effect in 2013. If you have investment income in 2013, you won't pay the 3.8% tax until you file your 2013 Form 1040 tax return in 2014. The 3.8% tax for any later year will be paid in the following calendar year when the tax returns are filed. * In any particular year, if you have no income from capital gains, rents, interest or dividends, you'll never pay this tax, even if you have millions of dollars of other types of income. * The formula that determines the amount of 3.8% tax due will always protect $200,000 ($250,000 on a joint return) of your income from any burden of the 3.8% tax. For example, if you are single and have a total of $201,000 income, the 3.8% tax would never be imposed on more than $1,000.
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November 2012 Summit County Colorado Good Deals
The good deals are disappearing. For many months now I have been featuring good deals by pulling out of our MLS those listings that are bank owned, foreclosures, REO, short sales, along with those that have motivated sellers and say "bring all offers." In the past I would have as many 75 properties in the search. This month, there are 14. While there still are good deals to pick up, it's like being 2 hours late to the Filene's Basement Annual Bridal Sale. What's left are the ugly dresses or those that need a lot of work.
Click on the link below to see the good deals!
RES - Client Detail Report
Click on the link below to see the good deals!
RES - Client Detail Report
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| www.123rf.com - photo credit. |
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