May was another great month for the real estate market in Summit County. Monetary volume and number of transactions were down slightly from May of 2015, but this can be attributed to our record low inventory. There were 15 sales in May in the $1 Million+ range. The three top sales included two commercial and one residential. The Peak One Surgery Center in Frisco sold for $6.68 Million, five commercial condominium units at the Bighorn Center in Silverthorne sold for $4.68 Million, and a residential sale in the Four O' Clock subdivision in Breckenridge for $3.78 Million. The most active price points in May were in the $200K-$400K range.
Here are some additional highlights and statistics:
Market Analysis for May- There were 197 transactions with $114,889,906 in monetary volume. The average transaction price was $589,646, with the average residential price at $549,777 and an average price/per square foot of $377.
YTD Analysis- Monetary volume is at $420,473,783, 738 transactions, average transaction price of $577,710, average residential price of $574,769, and and average price/square foot of $366.
Market snapshot 2016 vs. 2015- Average indicators for Single Family: +9%, multi family: -1%, and Vacant Land: +3%. Median indicators for Single Family: +6%, Multi Family: +3%, and Vacant Land: +6%.
YTD % of Change 2016 vs. 2015- Monetary volume is up 3% and transactions ar flat when comparing to 2015. For the month of May, monetary volume ($114,889,906) was down -1% and number of transactions (197) were down -4% when comparing to May last year. Again, this can be attributed to the shortage in inventory in Summit County.
Residential Market Analysis- Residential volume in may had 170 transactions with $93,496,106 in gross volume. There were 15 properties that sold for $1 Million+. The most active price point was between $200K-$400K. There were 52 Single Family, 118 Multi-Family, and 10 Vacant Land sales.
5 month Residential Comparative Historical Cost Analysis- YTD, we have seen 629 residential transactions, $361,529,783 in volume, and 61 properties selling for $1 Million and over. During the same time in 2015, we had 596 transactions, $326,488,500 in gross volume, and 55 properties selling for $1 M and over. In 2014, we had 505 transactions, $266,433,406 in gross volume, and 48 properties at $1M and over.
Year to Date Average Price by Type- The average price for residential Single Family: $934,437, Multi- Family: 397,091, and Vacant Land $382,140.
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Much thanks to our friends at Land Title Guarantee for providing the data for the above information.
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