Real estate Market Analysis Summit County October 2008
Attached, you will find the Land Title Guarantee Company October 2008 Market
Analysis from Summit County. There are 9 separate worksheets within this
spreadsheet. You must use the tabs located on the left hand side of the
spreadsheet to view all the worksheets.
*Â Â Â Â Summit County 2004-2005-2006-2007-2008 Graph Comparison
*Â Â Â Â Cost Breakdown, October 2008 (New Construction, Resales and Gross
Residential Price Index, 2008 Year to Date Gross Residential Price
Index)
*Â Â Â Â Cost Breakdown YTD (2008, 10 months and 2007, 10 months for a
comparison)
*Â Â Â Â Market Analysis % Change from 2004, 2005, 2006, 2007 & 2008
*Â Â Â Â Market Analysis by Area for the month of October 2008
*Â Â Â Â Year-to-Date by Area (2008, 10 months)
*Â Â Â Â Summit County Residential Price Index comparing the full years of
2006, 2007 and YTD 2008
*Â Â Â Â Top Lenders’ Graph (Loan Breakdown- Refi’s, Timeshares and Cash
Deals)
*Â Â Â Â Top Lenders’ Summary
*Â Â Â Â Â Â Â Please note that Land Title data comes from actual recorded
transactions at the County Clerk and Recorder’s Office. The information is
not directly related to Summit County MLS data. The data is an unofficial tabulation of
Summit County realty Records that are believed to be reasonably accurate.
*Â Â Â Â October 2008 Real Estate Highlights:
*Â Â Â Â Â Â Â Â October was not a bad month, posting the highest average
transaction price so far this year-$676,061
*Â Â Â Â Â Â Â Â A factor to note in October: North Summit County Area- there
was a $17,700,000 sale for the Young Ranch. It was a home and had four other
improvements on it. It was approximately 175 acres- the county has not
transferred it yet- so the acreage is not completely accurate. The sale is
coded as a Development site rather than Residential- even through it has a
home on it. It would have really skewed the averages if we included it in
the Residential category. Since the transfer is between two corporate
parities, we are assuming the transaction will be further developed or used
as a working ranch.
*Â Â Â Â Â Â Â Â As Crystal Peak Lodge units continued to close in
October-there are 20 Sales, gross equaling $22,005,000 with the average
price of $1,100,250 per unit.
*Â Â Â Â Â Â Â Â The 2008 Year to Date Gross Residential Price Index shows that
our average prices continue to surpass the past two years of 2006 and 2007.
*Â Â Â Â Â Â Â Â The most active price point in October was Residential
Improved Units -$300,000 to $400,000.
*Â Â Â Â Â Â Â Â YTD October 2008 Residential Improved Units shows 1301
transactions with $758,130,400 total dollar volume. YTD October 2007 showed
2169 transactions and $1,117,179,400 total dollar volume.
*Â Â Â Â Â Â Â Â The month of October 2008 shows a 19% decrease from the month
of October 2007 in monetary volume. The month of October 2008 indicates a
43% decrease in number of transactions compared to the month of October
2007. YTD 2008 % change reflects -25% from YTD 2007 with Monetary Volume.
There is a -40% YTD 2008 vs. YTD 2007 in number of transactions.
