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

Real Estate Statistics

December 3^rd 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: 

 

http://www.ltgc.com/files/breckenridge-marketstats/DECEMBER2012SUMMIT.pdf

 

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!

Colorado Mountain Region Real Estate Report 2012

All Mountain 2012 Report

 

The Colorado Association of Realtors has compiled data for all the mountian regions.  Click Here for a link to the CAR Mountain Report.  The number of sold properties have increased and the number of listings have gone down.  These indicators are a precursor to a seller's market.  This report also shows that the trends happening in Summit County are happening in other mountain areas.

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 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 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

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: 

http://www.ltgc.com/files/breckenridge-marketstats/NOVEMBER2012SUMMIT.pdf

 

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!

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 assessor data there are 25,660 residential properties and 2,564 pieces of vacant land.  When looking at inventory for sale, 4.3% of residential properties are for sale and 14.9% 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 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

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: 

http://www.ltgc.com/files/breckenridge-marketstats/OCTOBER2012SUMMIT.pdf

 

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

 

Summit County Real Estate Notes

Breckenridge, CO 80424

With respect to the Summit County residential market, as I have been saying for months now, we are seeing a slow and steady climb out of the recession pit.  I am seeing well-priced properties moving and buyers who think they have plenty of time, may lose their top property picks to another buyer.  Also, buyers who try to "push the envelope" too far will not get the concessions they could have expected only a short time ago.  Noticeable price appreciation isn't happening just yet, but distressed properties are all but gone, and as sales continue, prices will climb.  With interest rates at all time lows, it's the "perfect storm" buying opportunity:  low interest rates, pre-appreciation pricing, and just out of the bottom timing.

Another sign of recovery is the fact that vacant land is the one sector where we are seeing price appreciation.  Builders and developers are feeling confident that the market is returning.  New construction is appearing in Summit County and when it is completed, developers are hopeful the market will have returned. 

Amy Nakos, JD, GRI

anakos@yourcastle.org

970-389-8388

Summit County Real Estate Market - Slow and Steady Stabilization

Slow and Steady Stabilization

The aspens are changing color and the summer has come to an end.  Sure signs are that football season is here, the smell of burning wood is in the air, and my warm weather-loving dog doesn't want to go outside in the morning because it's cold. 

This spring, I noted that Summer 2012 would tell the story of whether the Summit County real estate market was in a recovery.  July numbers showed signs of improvement with July 2012 increasing 77% in dollar volume over July 2011.  August closings as shown in MLS will prove to increase over July.  It appears that our market is in a stabilization stage and that improvements are happening slowly.  For a Summit Daily news article discussing the current valuations of the Summit County real estate market according to the county assessor, click here.  If you are looking to get in on sale pricing for Summit County real estate, there aren't many more clearance sales. 

And as I mentioned last month, good deals, featuring bank owned, short sales, and motivated sellers, continue to shrink every month, indicating that our distressed inventory is whittling away.  I recall at one time having over 50 properties in the mix, but in September we are down to 26.  Once distressed properties are cleared out of the market, we will begin to see a recovery of market priced properties.

Summit County Colorado Real Estate Market Report - July 2012

May 2012 best month of 2012 so far!


Vacant land making a comeback.

Compliments of bighornrentals.com

May 2012 had a total of 108 residential improved transactions, with a total dollar volume of $50.6 million.

Dollar volume for all types of property was $68.5M in May, up from April’s $52.7M. The month of May 2012 indicated a large increase from May 2011 with dollar volume up 22% (May 2011: $56,1M v. May 2012: $68,5M). Transactions in May 2012 were up 25% from May 2011 (May 2011: 107 v May 2012: 134).

June 2012 residential sales from our MLS indicate 90 residential properties sold with dollar volume at $45.9 million.

May’s strongest price point was the $400,000-$500,000 with 25 total sales which shows a marked change from previous months in 2012. Usually lower price points have the most volume. Other price points were $300-400K with 19 sales and under $200,000 with 16 sales.

Average prices from 2006 to 2011 are as follows; 2012 numbers are year to date averages through May 2012:

Single Family Homes:

2006 - $737,253

2007 - $798,889

2008 - $835,803

2009 - $905,030

2010 - $770,797

2011 - $734,262

2012 - $702,783



Multi Family:
2006 - $333,501

2007 - $406,529

2008 - $463,633

2009 - $398,051

2010 - $425,080

2011 - $367,280

2012 - $358,389
Vacant Land:

2006 - $311,951

2007 - $391,587

2008 - $470,260

2009 - $399,025

2010 - $336,625

2011 - $246,478

2012 - $282,593

As of July 2, 2012, there are 1,540 active residential listings in Summit County. The number continues to increase slowly as we approach mid summer. The total dollar value of current inventory is $1.056 billion. This is the first time in 2012 that inventory has reached the billion dollar mark. As of the same date there are 415 land listings, up 14 from last month.

We are seeing vacant land picking up with an average value increase of 15% and a median increase of 28% so far in 2012, over the year 2011. Signs of a vacant land recovery mean that the overall market is improving as people are ready and willing to build new construction.

With respect to residential listings, average days on the market is 373; median days on the market is 246.

Our MLS is showing 188 residential properties currently Pending with a total dollar volume of $92.25 million. Pending properties remain steady from 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, 6% of residential properties are for sale and 16% 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 108 residential properties selling in May and inventory of 1,540, it will take around 14.2 months to sell the entire residential inventory.


Below are the total dollar amounts of sales in March and April from 2004 to 2012:

May 2004 $88.2M

May 2005 $104.8M

May 2006 $137.1M

May 2007 $158.7M

May 2008 $95.7M

May 2009 $63.7M

May 2010 $63.0M

May 2011 $56.2M

May 2012 $68.5M (up 22% from 2011)


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:

http://www.ltgc.com/files/breckenridge-marketstats/MAY2012SUMMIT.pdf



What does all of this mean to you?



May has proven to be the best month so far in 2012 for dollar volume and number of transactions. With closings being 30-45 days from contract, this would mean that March and April were strong months for contracts which show signs of improvement for our real estate market.

With early season activity as proven by strong May numbers, it appears that summer is going to be an improvement since the recession. If you are interested in buying, we seem to climbing out of the bottom so it is a good time to take advantage of current pricing before demand brings prices up. If you are a seller, you will still need to be priced competitively within other inventory because buyers are sophisticated and educated and we still have an absorption time of around 14-15 months. That means that your property has a one in fifteen chance of selling each month.

As always, thank you to Land Title Guaranty Company and Brooke Roberts for these amazing statistics! http://www.ltgc.com/.

For more information on Summit County Colorado Real Estate and Market Conditions, or for specialized reports, please contact Amy Nakos, JD, GRI, anakos@yourcastle.org, 970-389-8388.

Summit County Colorado Market Report - May/June 2012

Slow and steady signs of improvement from winter to spring.

March and April 2012 drop from 2011.

March 2012 had a total of 66 residential improved transactions, up 5 from February’s 61 and April showed marked improvement with a total of 92 residential transactions. Total residential dollar volume in March was $33.8M and April was $45.5M. February fell in the middle with $37.7M. Dollar volume for all types of property was $37.4M in March, down from $43.1M in February.

Again, April showed improvement with $52.7M in all types of real estate transactions. May 2012 residential sales from our MLS indicate 98 residential properties sold with dollar volume at $48.2 million.

Spring months are showing slow signs of improvement and as we hit late summer, we will be able to see how the market is faring. March’s strongest price points were properties between $200,000-$400,000. April showed strong sales in price points under $600,000, and had 20 transactions between $200,000-$300,000.

Average prices from 2006 to 2011 are as follows; 2012 numbers are year to date averages through April 2012:

Single Family Homes:
2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $735,008

Multi Family:
2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $361,315

Vacant Land:
2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $236,082

As of May 31, 2012, there are 1,387 active residential listings in Summit County. The number continues to increase slowly as we get closer to the high summer selling season. The total dollar value of current inventory is $965 million. As of the same date there are 401 land listings, an increase by around 10% from earlier this year.

With respect to residential listings, average days on the market is 381; median days on the market is 272.

Our MLS is showing 178 residential properties currently Pending with a total dollar volume of $97 million. Pending properties have dropped slightly since earlier this year, but only by about 10 properties. Again, expect to see these numbers increasing as summer progresses.

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, 5.4% of residential properties are for sale and 15.6% 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 92 residential properties selling in April and inventory of 1,387, it will take around 15 months to sell the entire residential inventory.

Below are the total dollar amounts of sales in March and April from 2004 to 2012:

March 2004 $69.1M
March 2005 $90.2M
March 2006 $108M
March 2007 $92.6M
March 2008 $95.4M
March 2009 $37.9M
March 2010 $37.4M
March 2011 $44.9M
March 2012 $37.4M (down 17% from 2011)

April 2004 $77.4M
April 2005 $94.4M
April 2006 $111M
April 2007 $133.9M
April 2008 $94.2M
April 2009 $37.8M
April 2010 $40.8M
April 2011 $66.3M
April 2012 $52.8M (down 20% from 2011)

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:
April: http://ltgc.com/files/breckenridge-marketstats/APRIL2012SUMMIT.pdf
March: http://ltgc.com/files/breckenridge-marketstats/MARCH2012SUMMIT.pdf

What does all of this mean to you?

April has shown continued signs of improvement for the Summit County Real Estate market and May MLS data shows another increase. Generally we expect an increase in sales in the summer but spring months showing signs of improvement is a good sign pointing toward a recovering market. Year over year, spring 2012 worsened from spring 2011. With early season activity (both in terms of showings, contracts and buyers), it appears that summer is going to be an improvement since the recession.

If you are interested in buying, we seem to climbing out of the bottom. If you are a seller, you will need to be priced competitively within other inventory because buyers are sophisticated and educated. Denver is showing strong signs of recovery and Summit County tends to lag 12-18 months behind. If this historical trend holds true, you have one year to smartly buy a Summit County property!

Summit County Colorado Real Estate Market Conditions - April 2012 Update

First time since pre-recession: dollar volume steady; number of transactions decline showing price stabilization.

Have We Hit the Bottom? Probably

February 2012 had a total of 61 residential improved transactions, down 18 from January’s 79 – a decrease of almost 23%. From December to January, number of tranasactions dropped 31%. Total residential dollar volume in February was $37.7M down $.1M from January’s $37.8M. With 23% less transactions and the same dollar volume, trends indicate that prices are leveling out. If you were one of those people who I told I would warn you when we hit bottom – here is your warning: “It seems we may have hit the bottom.”

Dollar volume for all types of property was $43.1 M in February an increase of 7.4% from January’s $40.1M. Total number of transactions in February for all types of real estate was 79 down 17 from January’s 96 – a decrease of 17.7%%. February 2012 dollar volume was up 12% from February 2011 which posted $38.3M in sales.

The analysis from Land Title, who reports these statistics, is as follows:

Market Analysis % Change showing years 2004-YTD 2012: Monetary Volume in February 2012 is up 12% from February 2011 with 2011=$38,351,800 and 2012=$43,118,700). Transactions in February 2012 were down 11% from February 2011 ( 2011=89 and 2012=79). With the Sales transactions taking a little dip, and volume holding this month indicates that the average prices are stabilizing. This is the strongest showing since pre- recession in 2008. YTD- Gross Volume is up 2% and Transaction Volume is only down 1%.


March 2012 residential sales from our MLS indicate 69 residential properties sold with dollar volume at $37.6 million – No great improvement, but no drop either for a historically slower month.

The price point with the most activity in February 2012 is the $200,000-$300,000 and for the first time I can remember, the $500,000-$600,000 category with 11 sales each. An increase in sales in the $500K-$600K range helps to explain why dollar volume remained steady but number of transactions decreased. In second place is the $300,000 - $400,000 price point with 10 sales and the under $200,000 category, which usually has numerous sales, only has 3.
Average prices from 2006 to 2011 are as follows; 2012 numbers are year to date averages:

Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $790,140* ($665,421 – January)

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $362,211 ($337,853 – January)

Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $208,020 ($131,500 – January)

*In February the sale of $3.225M new construction home in Shock Hill in Breckenridge is the reason the average single family home price jumped by almost 19%. As the year progresses and more data of sold single family homes are included, I would expect this number to go down.
As of April 4, 2012, there are 1,214 active residential listings in Summit County, up 26 from the beginning of March. The total dollar value of current inventory is $871 million. As of the same date there are 367 land listings, down 3 from March.

With respect to residential listings, average days on the market is 426; median days on the market is 293.

Our MLS is showing 187 residential properties currently Pending, up 30 from March. Total dollar volume of pending properties per list price is $103.8M. Pending properties have increased which means that number of transactions and dollar volume will improve in the next few months.

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, 4.7% of residential properties are for sale and 14.3% 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 61 residential properties selling in February and inventory of 1,214, it will take almost 20 months to sell the entire residential inventory.

Below are the total dollar amounts of sales in February from 2004 to 2011:

February 2004 $62.7M
February 2005 $72.1M
February 2006 $76.6M
February 2007 $88.3M
February 2008 $64.5M
February 2009 $27.2M
February 2010 $36.0M
February 2011 $38.3M
February 2012 $43.1M

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.

What does all of this mean to you?

This month presents a new trend that we haven’t seen since pre-recession 2008 – a decrease in number of transaction, yet an increase in dollar volume. While there was the sale of $3.2M single family home which may have skewed statistics a bit, the number that most surprised me was the increase in sales in the $500-600K range. Given this trend, I peeked into March sales in our MLS where almost half of the residential sales fall between $100,000 and $400,000, showing me that this trend may be an anomaly. However, it could also signal the start of a price recovery in Summit County Real Estate. In any event, this trend along with my personal experience of working with more buyers and witnessing more properties going under contract, does signal to me that we have hit the bottom and are in a state of recovery – even though it may be a slow recovery.

If you are a buyer on the fence, it may be time to get more serious, especially as new listings begin to hit the market and with more buyer competition, the best properties will be swiped up faster than the last few years. If you are a Seller, you still need to be priced right so don’t think this bit of good news is a reason to increase your asking price by 10%.

Summit County Colorado Real Estate Market Conditions - January 2012

Real Estate Statistics

November dips in dollar volume and number of transactions.
Inventory continues to decrease in Winter months.

November 2011 had a total of 114 residential improved transactions, down 22 from October’s 136. Total residential dollar volume in November was $52.8M down from 62.7M in October, a decrease of 15.7%. Ironically, the decrease in dollar volume from September to October last month was also 15.7%.

Dollar volume for all types of property was $58.2 M in November, a decrease of 14% from October’s $67.8 M. Last month decreased by 15% from September to October. Total number of transactions in November for all types of real estate was 142 down 19 from October’s 161. November 2011 dollar volume was down 3% from November 2010 which posted $60.1M in sales.

December 2011 residential sales from our MLS indicate 107 residential properties sold with dollar volume at $51.8 million.

The price point with the most activity in November is the $200,000-$300,000 with 32 sales,. In second place is the under $200,000 price point along with the $300,000-$400,000 price point with 20 sales each.
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 - $745,009 ($750,429 – October, $754,370 - September $768,831))

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $363,865 ($362,619 – October, $373,023 – September, $376,646)

Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $255,079 ($252,903 – October, $245,372 – September)

As of January 5, 2012, there are 1,191 active residential listings in Summit County, down 111 from 1,302 at the beginning of December. You can expect inventory to continue to drop until May. The total dollar value of current inventory is $877 million. As of the same date there are 341 land listings, down 32 from November.

With respect to residential listings, average days on the market is 332; median days on the market is 213. Days on market again increased this month because of much less new inventory entering the market. DOM will continue to increase until spring when more new listings come on the market. At that time, expect for average days on the market to drop dramatically.

Our MLS is showing 123 residential properties currently Pending, down 60 from December. Total dollar volume of pending properties per list price is $66.4 million. Pending properties dropped dramatically this month. Closings in January will likely be even lower than in December.

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, 4.6% of residential properties are for sale and 13.2% 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 114 residential properties selling in November and inventory of 1,191, it will take 10.4 months to sell the entire residential inventory.
Below are the total dollar amounts of sales in November from 2004 to 2011:

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

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?

November 2011 was only underperformed by November 2008, two months after the stock market crash. The market is still sluggish and sellers are not listing properties at this time pushing down inventory numbers. Buyers have less options to choose from an properties are pulled from the market during the busy ski rental season. Consumer confidence in the economy will push many buyers into the game while prices are still competitive.

To the Sellers out there: There are signs that things are getting better – or at least, not getting worse! If you are thinking about listing a property for sale and do not have it rented, it might be a good time to list it while inventory is decreasing and before the spring influx of new inventory.

To the Buyers out there: If you are waiting in the wings for things to get worse, you may not have much more time! There are still good deals out there but once consumer demand picks up, the lack of inventory will go quickly.

New Listing in Frisco - Luxury Single Family Home

This week I got the most beautiful listing in Frisco Colorado. It is a detached single family home, which means it is a single family home but part of a homeowner's association. It is located just off of Frisco's Main Street on Granite Street, close to Third Avenue.

If you know Frisco, then you know it's great to be close to Main Street because it is where all the summer festivals are held, there is shopping, restaurants, and night life. It is also where you can catch a ride on the Summit Stage to get to Copper Mountain or Breckenridge.

The home is a four bedroom, four bath, three story house with 2822 square feet. It has a two car garage, professional landscaping with a sprinkler system, and is professionally decorated. When entering the home, you can feel the attention to detail and the care it has been given since it was completed in 2006.

It is listed for $999,000 and the furniture can be purchased for an additional $65,000 . . . which is worth it when you see how beautiful this home is decorated and how it lives like a model!

It is situated next to a park which provides unobstructed views of Peak One to Buffalo Mountain. There is a deck off the kitchen on the second floor and a deck off the master bedroom on the third floor to enjoy the sun and the views.

The finishes are beautiful and include granite countertops, stainless steel appliances, hardwood floors, tile slate, beautiful tile patterns in the bathrooms, and much more!

If you would like more information about this amazing home, please contact me at 970-389-8388. Here are some more photos:

Kitchen

Master Bedroom

Office

Living Room

View From Dining Room

View From Master Bathroom

Good Deals - Summit County Real Estate - 11-1-11

Who doesn't like a great deal!? Each month I feature good deals in the Summit County Colorado real estate market. This month features bank owned, short sales, foreclosures, and motivated sellers.

click below to see the good deals!

http://summit.mlxchange.com/DotNet/Pub/EmailView.aspx?r=1100444076&s=SUM&t=SUM



For more information on Summit County Real Estate, you can email me at anakos@yourcastle.org or call me at 970-389-8388.

You can also search Summit County MLS for Free using this link:

http://search.amynakos.summit.mlxchange.com/

October 2011 Summit County Real Estate Bargains!

Each month I compile a list of great real estate deals in Summit County, Colorado. I focus on short sales, bank owned, motivated sellers and sellers who ask to "bring all offers."

At the link you will find a scrollbar on the upper left hand corner to browse through.

If you have any questions, please contact me at 970-389-8388 or anakos@your castle.org.