Summit County Real Estate June 2011 Market Analysis
Land Title Guarantee Company June 2011 Summit County Market Analysis
Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. The information is not directly related to the Summit County MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate.
Within the link, you will find:
- Summit County 2004-2005-2006-2007-2008-2009-2010-YTD 2011 Graph Comparison ( Page 1) This graph shows 7 full years for comparison, with YTD June 2011 numbers. This graph shows all transactions that were recorded with a doc fee and correlates to the June Market Analysis by Area graph.
- Market Analysis by Area for the month of June 2011 ( Page 2): On the Market Analysis by Area report please note the color coded system;
Green Text indicates an increase from the previous month’s value.
Black Text indicates the value is the same or not applicable from the previous month’s value.
Red Text indicates a decrease from the previous month’s value.
-Colored text is not used for % Calculations – all of those columns will remain black
-There is an average transaction price and median transaction price columns are added for comparison.
- Price per Square Foot (PPSF) was also added to the last column.
*Please note on this report- there is a line item about the recent month’s Bank Sales Activity for the month a the top of this report.
- Market Analysis by Area 2011( Page 3) (6 months)
- Market Snapshot by Area & Property Type Comparison ( Page 4)- comparing Full Year 2010 vs. YTD 2011. The top graph shows the Average Price Comparison which shows the average price for Summit County Single family, Multi- Family and Residential Land showing percent change in all 19 areas reported at the County Clerk and Recorder’s office. The Median Price Comparison- compares Median Single Family, Multi-Family and Residential Land with percentage change. Sales believed to be inaccurate indicators of the market have been eliminated in this bottom report. The bottom graph shows Full Interest, Fee Simple, Arms- Length transactions.
- Market Analysis % Change ( Page 5) from 2004, 2005, 2006, 2007, 2008, 2009, 2010 and YTD 2011. This 2011 data is coming from the June Market Analysis by Area graph each month with ALL transactions with a DOC fee at the Clerk and Recorder’s office
- Residential Market Sales by Price Point June 2011( Page 6) –This chart shows New Construction, Resales and June Gross Residential Price Index and YTD Gross Residential Price Index for 2011. It also shows Full Years 2010, 2009, 2008, 2007 and 2006 Gross Residential Price Index with # of transactions, total volume and average price for Single Family, Multi- Family and Vacant Land.
- Average Price History Full Years 2006 to 2010, YTD 2011 ( Page 7) – based on data from the Residential Market Sales by Price Point Summary.
- Historical Cost Breakdown June for Residential Improved Units ( Page 8)- YTD June 2011 and Price Point Summaries YTD from 2010 and 2009 for comparison
Top Lenders’ Graph ( Page 9) for June 2011
Bank Sales June 2011 details ( Page 10)-The Summit County real estate market analysis by Area now reflects the number and total of Bank Sales with the Gross Volume and % volume of the overall gross volume in sales at the top of the Market Analysis by Area worksheet- this is the detailed information for your records for the month of June 2011.
Land Title’s June 2011 Foreclosure Process Document Breakdown for Summit County ( Page 11)
This report shows how many Timeshares, Fee Simple and Unknown with No legal shown are going into the Foreclosure process and where they are within the process.
- Notice of Election & Demand for Sale ( NED) with Step process
- Certificate of Purchase ( COP) with Step process
- Public Trustee’s Deeds ( PTD) with Step Process
June 2011 Summary of Foreclosure Actions (Page 12)- this report shows the property foreclosure summary with property types and locations YTD with snapshot graphs for your marketing efforts.
2009 and 2010 Summit County Foreclosure Summary (Page 13)- This is for comparison, showing the snapshot of what happened in 2009 and 2010.
Notable Sales in June 2011:
-Highest Priced Sale for June 2011:
6/3/2011 $6,950,000 Discovery Interchange West Subd Lot 2, Block A – aka 1202 North Summit Boulevard. This is a commercial Lodging Improvement known as the Best Western Lodge.
It has 127 Units, was built in 1980, has a total Improved Size of: 76,429 SF and is located on 4.01 AC Land. PPSF is $90.93. The purchaser was: S & S Management, Inc.
-Highest Residential Sale for June 2011:
6/22/2011 $2,200,000 Highlands at Breckenridge Park Subd Lot 7 aka 0265 Long Ridge Drive – 4 Bedroom 5 Bath YOC 2005 with 5,773 SF Living Area on 1.01 AC Land. PPSF is $381.08. This was a Bank Sale.
-Highest PPSF for June 2011:
6/29/2011 $255,000 Liftside Condo Unit 407 aka 0535 South Park Avenue – Studio 1 Bath YOC 1984 with 391 SF Living Area. PPSF is $652.17.
-There were two other unusual sales, the post office’s vacant commercial parcel by City Market sold for $3.6M, and also a large apartment complex in Dillon Valley for $5.2M.
June 2011 Notes:
- Summit County Gross Real Estate Volume Graph: June was the second best month in 2011 with gross volume with $65,751,300 and 104 transactions. We are seeing an upward trend with the gross volume through the second quarter on 2011, more than the same periods of 2010 and 2009. June is still off from June 2010 with gross volume and transactions.
- Market Analysis by Area for June Top four most active areas- Breckenridge real estate had 27 transactions: $18,037,000 in volume, the median residential price was $465,000; Wildernest had 12 transactions: $3,111,600 in volume, the median residential price was $232,000; Frisco had 11 transactions: $10,383,300, the median residential price was $313,000; Breckenridge Golf Course had 10 transactions:$9,054,000 in volume, the median residential price was $1,442,500.
Market Analysis by Area YTD: As of this June YTD ( 6 months), there have been 595 transactions with $315,010,100 monetary volume, the median residential price is $410,000 for all 19 areas with and average residential PPSF is $315 for all 19 areas.
- Market Snapshot: The Median Price for Single Family from 2010 to YTD 2011 continues to be positive with an increase of 2% ( $618,750-2011 vs. $605,000-2010). The Median Price for Multi-Family from 2010 to YTD 2011 is still pretty flat at -1% ( $325,000-2011 vs.$327,500-2010) and the Median Residential Land price is still has a big decrease -47% ( $179,000-2011 vs.$340,000-2010).
- Market Analysis % Change: YTD 2011 Monetary Volume for transactions recorded is up 8% compared to YTD 2010. YTD 2011 transaction volume for all transactions recorded is up 12% compared to YTD 2010. Monetary Volume for June 2011 is down 22% compared to June 2010 and transactions for June 2011 are down 25% compared to June 2010.
- Residential Market Sales by Price Point: There were 85 Residential Improved Units sold in June with $46,789,500 gross volume. Last May 2011 was actually better than June (surprisingly). 33% of the residential sales are $500K and under. There were 10 Residential sales over $1M. If you are interested in a list of names and home states of buyers that are purchasing the $1M and over residential properties, please contact me. I can provide you with this information.
- Average Price History: YTD Single Family Residential Average Price paces at an increase this month YTD at $792,010, Multi-Family Residential is down from May 2011 at $399,832 and Vacant Land Residential continues to drop at $261,398.
- Historical Cost Breakdown: In YTD 2011- there were 469 Residential Improved Unit Transactions (Gross- $259,682,100) vs. 2010 YTD- 419 transactions (Gross- $249,757,600) and YTD 2009-326 transactions (Gross -$202,745,700). YTD 2011 is showing steady signs of improvement with more transactions and higher gross volume over the past years this same time.
- Top Lender Graph: A big change in June- cash sales were down to 33% compared to the other 5 months in 2011. There were a total of 352 loans in June. 70 loans were related to sales, there were 151 REFI’s and 131 Deed of Trust were recorded for timeshare sales.
- Bank Sales: Bank sales continue in June, but are lower than May (9 in June). The amount totals $4,103,900 in Gross Volume or $455,989 per unit. This accounts for 6% of the overall gross volume in sales. YTD, there have been 67 Bank Sales totaling $30,624,400 in Gross Volume or $457,081 per unit, this accounts for 10% of the gross volume sales.
· Foreclosure Info: June-Foreclosure actions were up with 49 ( 30 Fee Simple and 18 Timeshares).