April 2020 Market Analysis
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. Source of data - Land Title Guarantee Company
The COVID-19 Pandemic in Summit County Impact began on March 15, 2020 with the immediate mandate on the ski area closures. In April 2020, a Shelter in Place ordinance in Colorado occurred in order to contain the COVID-19 locally and statewide.
- Market Analysis by Area for April 2020: There were a total of 92 transactions and $63,531,993 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $704,135, average residential price was $705,777 and average residential PSF was $530.
- YTD 2020 Market Analysis by Area (4 months): There were a total of 485 transactions, and $370,425,928 in monetary volume. The average transaction price for all 18 reported areas is $779,951, average residential price was $828,203 and average residential PPF was $530.
- Market Snapshot for FULL Years 2019 vs 2018: Average Indicators for $: Single Family -4%, Multi- Family +7% and Vacant Land -8%. Median Indicators for Single Family +1%, Multi- Family +9% and Vacant Land -6%.
- Market Analysis % Change YTD Year 2020: Monetary volume ($63,531,993) in April 2020 was down 59% from April 2019. Transactions (92) were down 45% from April 2019. YTD 2020 Monetary Volume is pacing 22% down from YTD 2019. YTD 2020 transactions are pacing 15% down to YTD 2019.
- Residential Cost Analysis: Residential volume in April had 78 transactions with $55,050,623 gross volume. There were 15 properties that sold for $1M and above in April. There were 22 Single Family, 56 Multi-Family and 4 Vacant Land transactions.
- Average Price History by Type- YTD Year 2020: Average price for residential Single Family: $1,212,127, Multi- Family: $598,166 and Vacant Land: $318,371.
- Comparative Historical Cost Analysis Comparison YTD 2020-2019-2018: In 2020, there were 387 residential transactions and $320,514,723 gross $ volume with 102 properties selling for over $1M. In 2019, there were 443 transactions with $372,849,796 gross $ volume with 104 properties selling for over $1M. In 2018, there were 484 transactions with $343,662,784 gross $ volume with 80 properties selling for over $1M.
- Top Lender Analysis April 2020: There were 440 loans in April. 67 loans were related to sales, there were 324 REFI's and 49 loans were timeshare related. 27% of the real estate closings were cash transactions.
- Market Highlights: Please see page 11 of the Market Analysis- Note the the higher priced sale in April 2020 in the Cucumber Creek Estates area in Breckenridge at $2,285,000 The top priced PSF was that same property in Breckenridge at $883.
- Foreclosures: There were 2 foreclosure actions in April, same as April 2019. There have been a total of 10 actions in 2020.
- Purchaser Profile Abstract: Upper end sales were at 18 in April compared to 29 in March. Our buyers for real estate transactions for April 2020: Front Range demographic at 49% of our market, 26% are "local" and 25% are out of state buyers with 0% International.
- Land Title New Development Summary: This (page 18) shows all the new construction each month, there were 18 in April.