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Episode 6 – November Market Update from TEAM FLICK

Please see a few of the highlights that we discussed in the above video. Thank you to Land Title for this information!

  • Market Analysis by Area for September 2018: There were a total of 259 transactions and $161,902,700 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $656,093, average residential price was $724,882 and average residential PSF was $478.
  • Year to Date Market Analysis ( 9 months): Monetary volume in YTD 2018 totaled $1,262,111,655 with 1866 transactions: $705,136 average transaction price, $739,194 average residential price and average residential PSF $467.
  • Market Snapshot for Years 2018 vs 2017:  Average Indicators for $: Single Family +3%, Multi- Family +9% and Vacant Land +14%. Median Indicators for Single Family +6%, Multi- Family +8% and Vacant Land +16%.
  • Market Analysis % Change 2018: Monetary volume ($161,902,700) in September 2018 was up only 1% from September 2017. Transactions (259) were up 4% from September 2017.  YTD 2018 monetary volume is up 11% from YTD 2017, and transactions are up 2% YTD 2018 compared to YTD 2017.
  • Top Lender Analysis September 2018: There were 552 loans in September, 74% of purchasers closing with financing at the time of the sale, there were 82 REFI’s and 278 loans were timeshare related. 26% of the real estate closings were cash transactions.

Audio Transcription:

[11.6.18 – September Market Updated]

[Beginning of Recorded Material]

Michelle: Hi everyone this is Michelle with Colorado Real Estate here. I’m here with your September Market Update. And we get all this information from our friends over at Land Title. They are a local title company that we use frequently up here. So in September there were 259 total real estate transactions and that’s up 4% percent from last year. So despite our rising prices people are still buying and selling up here. So it continues to be a good time to get into the real estate game here in Summit County. The average price for a single-family home was just over a million dollars and that’s up 3% from last year. Multifamily homes were averaging $523,000 that’s up 9% from last year.

And then land was up 14% percent from last year at $318,000 dollars, so we’re seeing those big increases in land. So people are kind of looking at land and thinking that maybe that’s a good investment when the prices are seemingly high on these single-family homes. And for the first time in about, I would say five years or so, there were more local purchasers than out-of-state. So typically we see mostly out of state and Front Range buyers, and Front Range is considered that Denver Boulder area. And then in September of this year we saw 35% local buyers and only 23% out of state, and I think a lot of that probably has to do with the fact that we’re starting to see more of these new builds with kind of a deed restricted housing for a local workforce, and people are getting in on that, so that’s a really good sign.

Also our Front Range buyers were the highest which is pretty typical for us at 41%, and we are continuing to see that that’s been very consistent over the last five or so years. As the economy down in Denver continues to be really strong and we see tons of people moving to Colorado. So when people ask us is the market slowing up there, hopefully it’s starting to balance out a little bit which helps our buyers a ton. But at the same time we’re not seeing any depreciation, prices are continuing to go up and we don’t expect to see anything really drop off significantly at any point. If you have any questions, there’s more information in the email below, if you want to see all the details. If you are interested in looking at any properties, you can check out our website at talk to you soon.


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