Below is a recap from the first quarter of 2023:
• Market Analysis by Area for March 2023: There were a total of 122 transactions and $128,782,372 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,144,193, the average residential price was $1,332,850 and the average residential PSF was $712.
• Market Analysis by Area 2022 (3 Months) YTD: There are a total of 277 transactions with $316,291,267 monetary volume. The average transaction price was $1,212,404, the average residential price was $1,340,757 and the average residential PPSF was $758.
• Market Snapshot for YTD 2023 vs Full Year 2022: Average Indicators for $: Single Family -1%, Multi- Family +3% and Vacant Land -29%. Median Indicators for Single Family -9%, Multi- Family +6% and Vacant Land -22%.
• Market Analysis % Change YTD March 2023: Monetary volume in March 2023 was down 32% from March 2022. Transactions were down 26% from March 2022. YTD 2023, monetary volume is pacing 33% down and 30% down with transactions from YTD 2022. * $ and transactions are pacing at 2019-18-17 levels, which were considered "normal" March real estate trends.
• Residential Cost Analysis: Residential volume in March saw 83 transactions with $110,626,550 gross volume. There were 43 properties that sold for $1M and above in March. There were 36 Single Family, 47 Multi-Family and 13 Vacant Land transactions in March.
• Average Price History by Type YTD 2023: Average price for residential Single Family: $2,039,819, Multi- Family: $922,380 and Vacant Land: $471,425.
• Comparative Historical Cost Analysis Comparison 2023-2022-2021: YTD 2023, there were 211 transactions with $282,899,824 gross $ volume with 98 properties selling for over $1M. YTD 2022, there were 308 transactions with $416,484,430 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.
• Top Lender Analysis March 2023: There were at total of 272 loans, 86 loans related to sales, 51 REFI's and 135 timeshare loans in March, with 30% of real estate deals closing with cash.
• Foreclosure Update: Up in March 2023 with 10 compared to last March 2022 with 2, YTD 2023 there have been a total of 12 (8 Timeshares and 4 Fee Simple).
• Purchaser Profile Abstract: New unit sales were 14 in March compared to 16 in February 2023. There were 44 upper end sales in March compared to 35 in February 2023. Our buyers for real estate transactions for YTD 2023: Local buyers only at 29%, Front Range demographic at 36% and 35% are out of state buyers with 0% International.
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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.
Data Source - Land Title Guarantee Company