June 2008 Statistics

At Landmark Real Estate Group, we watch the market closely. As national news of a real estate crisis looms, Summit County real estate continues to appreciate in value.

Signs that the national economy are affecting our market are decreased number of transactions, decreased gross dollar volume, and higher levels of inventory.

Using data from the Summit County MLS, I compared number of transactions and average sales prices from January 1 to June 15 in years 2007 and 2008.

SINGLE FAMILY HOME STATISTICS
Throughout Summit County, Single Family Home sales totaled 141 in 2008 so far compared to 217 from the same period last year. A decrease of 35% in number of single family transactions. The average price for a single family home in 2007 was $915,433 and in 2008 was $945,150, an increase of 3.2%.

TOWNHOME AND DUPLEX STATISTICS
Duplexes and townhomes sold in the first five and half months of 2008 totaled 109 compared to 181 sold in 2007 for the same time period. This is a decrease of 40% in number of transactions. The average sales price for townhomes and duplexes in 2008 was $643,357 compared to $562,225 in 2007 -- an increase of 12.6%.

CONDOMINIUM STATISTICS
Condominium sales in 2008 are 281 transactions compared to 446 last year. This is a decrease of 37%. Average price for a condo in 2008 is $398,417, compared to 2007's average price of $354,083. The average value of condos in Summit County increased 11%.

VACANT LAND
Vacant land values saw a dramatic increase in appreciation of 35.2% from average sales price in 2007 of $356,259 to an average sales price of $550,586 in 2008. As the saying goes, "they aren't making any more land." Total number of sales in 2008 were 68, compared to 161 in 2007, a large decrease of 57.7%.

INVENTORY
As of June 15, 2008, Summit County has 1,665 residential and vacant land listings. Last year as of July 1, 2007, Summit County had a total of 1,260 listings. Inventory has increased by 24.3%. However, historical inventory numbers in 2000 to 2004 were in the 3,000 range, every year. From a historical perspective, 1,665 listings is still a low number of properties for sale.
While our market is slowing down, our real estate values have not decreased, but in fact, continue to increase.

If you have any questions or would like more specific information about your neighborhood, please contact Amy Nakos, JD, CLHMS at 970-389-8388 or anakos@landmarkregroup.com.
Authored by Amy Nakos, JD, CLHMS, Owner/Managing Broker, Landmark Real Estate Group, LLC, 111 Main Street, Frisco, CO 80443, 970-668-1430 office, 970-389-8388 cell, anakos@landmarkregroup.com.