We experienced a veritable flurry of contracts throughout the months of May and June, doubling the activity in the same months last year. This spike brings the 2012 transaction numbers roughly even with last year's steady improvement in the Summit County market. Properties that are priced competitively are receiving vigorous activity; others that are not languish for attention.
Year-to-date, gross dollar volume is down 7% from the same period in 2011. We are pacing above 2009 and comparable to 2010 dollar volume at 6 months into 2012. Transactions are up year-to-date 3% from 2011 and are the highest since 2008 with 612 transactions.
The Summit County average price for a single family residential home stands at $715,457, the multi-family residential average price is $366,838 (both up from May year-to-date) and the vacant land residential average price is $283,283 (Vacant land is up from year-to-date 2011).
The National Association of REALTORS® reported late last month that pending home sales increased in May to the highest level in two years. An index measuring the sales agreements ticked up 5.9 percent to 101.1 from 95.5 in April. The indicator forecasting actual sales, which typically close within two months of a signed contract, was up 13.3 percent from a year earlier.
The gauge hasn’t been this high since April 2010, when tax credits for new home buyers were in effect. After the tax credit ended, sales declined to a bottom of 75.9 in June 2010.
Buyers, this summer the Window of Opportunity is open to YOU! Prices are down and interest rates are at historic lows. The actual cost of ownership in Summit County may not have been this low for over a decade. Timing is EVERYTHING in the market! Take advantage of the historic confluence of factors this summer to gain that family legacy property in the Colorado mountains. Pricing and mortgage rates are in your favor, and this may be the last summer you’ll see the perfect combination of low rates and great deals. Sellers, transactions are the highest since 2008, but the price needs to be right for Buyers to be considering your property.
Source: RIS Media Daily News – June 29, 2012; Summit County MLS – June 1, 2012 & July 1, 2012