To Our Summit County Customers and Community,

Across Summit County, March saw tight inventory and soaring demand. Prices remained high with the average residential price at $1.3 million for March.

 

Here are highlights:

  • Market Analysis by Area for March 2022: There were a total of 165 transactions and $188,605,550 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,166,957. The average residential price was $1,302,323 and average residential PSF was $810.

  • Market Analysis by Area 2022 (3 Months) YTD: There are a total of 396 transactions with $475,025,520 monetary volume. The average transaction price is $1,246,443, the average residential price is $1,346,963 and the average residential PPSF is $772.

  • Market Snapshot for FULL Years 2022 vs 2021: Average Indicators for $: Single Family +33, Multi- Family +9% and Vacant Land +32%. Median Indicators for Single Family +39%, Multi- Family +5% and Vacant Land +16%.

  • Market Analysis % Change YTD March 2022: Monetary volume in March 2022 was down -17% from March 2021. Transactions were down 37% from March 2021. YTD 2022, $ volume is pacing 3% down from YTD 2021, and transactions are 31% down from YTD 2021.

  • Residential Cost Analysis: Residential volume in March had 127 transactions with $165,395,077 gross volume. There were 56 properties that sold for $1M and above in March. There were 43 Single Family, 84 Multi-Family and 11 Vacant Land transactions in March 2022. 

  • Average Price History by Type- YTD 2022: Average price for residential Single Family: $2,288,386, Multi- Family: $814,440 and Vacant Land: $664,121.
    Comparative Historical Cost Analysis Comparison 2022-2021-2020: YTD 2022, there were 310 residential transactions and $417,558,430 gross $ volume with 145 properties selling for over $1M. YTD 2021, there were 441 transactions with $455,716,217 gross $ volume with 130 properties selling for over $1M. YTD 2020, 309 transactions with $265,464,100 gross $ volume with 87 properties selling for over $1M.

  • Top Lender Analysis March 2022: There were 448 loans in March, 92 loans were related to sales, there were 180 REFI's and 176 loans were timeshare related. 44% (one of the highest cash months on record) of the real estate closings were cash transactions. 

  • Foreclosure 2022 Update: There were 2 foreclosures in March 2022, no bank sales.

  • New Unit Sales were up (Clearwater Lofts in Keystone) 23, compared to 11 in February.

  • Purchaser Profile Abstract: There were 61 upper end sales in March 2022. Our buyers for real estate transactions for March 2022: Local buyers at 21%, with the

    Front Range demographic at 45% and 33% are out of state buyers with 0% International. There is also a graph included showing demographic trends through 2013 on page 19.

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 MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate. If you choose to utilize this marketing information in any publications or websites, please make sure you are quoting Land Title as your source. You are welcome to utilize this link within your own websites.

Thank you for your continued loyalty to Land Title.

 

Please reach out with any questions.

 

Brooke Roberts