Summit County Real Estate March 2010 Market Analysis
Summit County Real Estate March 2010 Market Analysis
March Remarks:
- The prices in Summit County reflect a significant decrease: The Median Single Family average price YTD vs. 2009 Full Year is 11% down, the Median Multi-Family average price is 10% down and the Median Residential Land Price is 41% down.
- March 2010 is flat with monetary volume to March 2009.
- The most active price points in Summit County in March continue to be in the the$300K-$500K price range with 31% of the Residential Improved Unit percentage gross in March.
- March was slow for $1M and over Residential Improved Unit transaction movement.
- YTD Residential Volume had 163 transactions in 2010 vs. YTD 2009 92 transactions, with both years showing similar $ Gross Volume with 2010: $85,312,400 and 2009: $83,877,000- another indicator that prices are coming down in Summit County.
- March 2010 is flat in monetary volume from 2009. YTD, up 6% for 3 months in 2010 vs. 2009. March 2010 transaction volume is up 21% from last March 2009. YTD, up 14% for 3 months in 2010 vs. 2009. This trend is another indicator that prices are going down, and lower priced inventory is moving quicker than higher end inventory in Summit County.
- The Average Price History for Summit County Real Estate Transactions based on the Residential Improved Unit Price Point Summary show that the Average Single Family price is similar to Full Year of 2006 ( 2010-$739,807 and 2006-$737,253), same with Multi- Family ( 2010-$368,479 and 2006-$333,501).
- YTD Median Residential Price for all transactions is $419,000.
- There were four recorded Bank Sales in March in Summit County.
- There are 47 Notice of Election properties, 8 Certificate of Purchase and 7 properties that have gone to the Public Trustees Deed in March.
- YTD there are 99 Notice of Election properties, 9 Certificate of Purchase and 30 Public Trustee Deeds in Summit County.
Notable Sales in March:
-The highest Sale in March is for a Single Family home in Summit Estates: 3/12/2010 $2,445,000 Summit Estates Subd #4 PH V Lot 59 – 2832 Estates Drive – 5 Brm 7 Bath – YOC 1999 – 5,935 SF on 2.27 AC. That is $411.96 PSF
-Another high Lot Sale came through:3/20/2010 $1,175,000 Western Sky Ranch Subd #4 Lot 7 – 265 Southern Cross Trail on 3.2527 AC which is $351,238.36 per AC.
Attached you will find the Land Title Guarantee Company March 2010 Market Analysis from Summit County. Please note that there is ONE PDF attached with 14 separate reports.
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 Summit County MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate.
Attached within the PDF, you will find:
- Market Snapshot by Area & Property Type Comparison- comparing Full Year 2009 vs. YTD (three months) 2010. The top graph shows the Average Price Comparison which shows the average price for Single family, Multi- Family and Residential Land showing percent change. 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.
- Summit County 2004-2005-2006-2007-2008-2009-2010 Graph Comparison. This graph shows 6 full years for comparison, plus March 2010 numbers.
- Price Point Summary ( or Cost Breakdown), March 2010 for Residential Improved Units-Price Point Summary (New Construction, Resales and March Gross Residential Price Index and Full YTD Gross Residential Price Index for 2010 ( three months), also shows Full Years, 2009 2008, 2007 and 2006 Gross Residential Price Index with # of transactions, total volume and average price for Summit County Colorado real estate Single Family, Multi- Family and Vacant Land.
- Price Point Summary YTD (or Cost Breakdown YTD) for Residential Improved Units March 2010 and the Cost Breakdown YTD from 2009 and 2008 for comparison.
- Market Analysis % Change from 2004, 2005, 2006, 2007, 2008, 2009 and YTD 2010
- Market Analysis by Area for the month of March 2010: On the Market Analysis by Area report please note the color coded system;
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- Green Text indicates an increase from the previous month’s value.
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- 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
- Price per Square Foot (PPSF) was also added to the last column.
*Please note on this report- we added a line item about the recent month’s Bank Sales Activity for the month a the top of this report
- Bank Sales March details-The 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.
- Market Analysis by Area YTD (3 months).
- Average Price History YTD 2010, Full Years, 09, 08, 07, and 06- called Average Price Breakdown based on information from the Price Point Summary (Cost Breakdown Data).
- Top Lenders’ Graph for March 2010
- Top Lender’s Summary for March 2010
- Land Title’s March 2010 Summit County Foreclosures Process Document Breakdown for Summit County
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
- Year to Date Summary of Foreclosure Actions- this new report shows the property foreclosure summary with property types and locations YTD with snapshot graphs for your marketing efforts.
- 2009 Summit County Foreclosure Summary- Per the article in the Summit Daily a few weekends ago- they reported the 300 Number, which is the original number of NED’s filed. That is what they called “Foreclosures”. The article did not tell the whole picture, this should give you a better indication for the real number of foreclosures in 2009.
Related posts
- February 2010 Real Estate Market Analysis from Summit County
- Land Title Resort Real Estate Index Full Year 2009
- Land Title Guarantee Company January 2010 Market Analysis from Summit County
- Land Title Guarantee Company 22 Year Residential Average Housing Price & Gross Volume
- Summit County Real Estate Sales Statistics 2009