May 21, 2014

2014 Quarterly Market Analysis

Another positive trend has hit the Colorado Real Estate Market. According to Land Title, almost all real estate metrics have risen in the past year. The following are numbers that compared last years first quarter to this years first quarter.

With accordance to a prior blog the numbers from the first quarter echo that residential homes prices are rebounding and going up. From 2013 to 2014 the median average home price has increased 5.26%. Again this is a good example that the market is rebounding and people are getting more and more for their homes. We are seeing less and less foreclosures in the mountains as well.

The average residential price to piggy back the median prices also had risen in the last year. From 2013 the average residential prices have gone up by 4.1 percent. Even though these numbers are not astronomical, these are beneficial gains and more hints that the summer of 2014 will help truly revive the real estate market.

Price per square fooT (PPS) is a huge tool here in the mountains when it comes to listing homes. This price always has to be competitive with comparable’s, or the likelihood of a time efficient sell will not occur. This is the largest increase in any of our Summit County metrics. Price per square foot went up on an average of 16.09 percent.

Transactions in the first quarter of the year have gone down from 2013. Although, this can sometimes be a misleading number because even though the transactions have gone down, the price per transaction is still climbing.

Summit County buyers profiles are as follows: about sixteen percent of the quarter one buyers in Summit County were local residents. Almost fifty percent were buyers from the front range and Denver area. Finally we have not had any international buyers up to this point in the year and only .66 percent were from out of state.

So far the metric’s are great for Summit County home sales. The numbers are only going to get better as the summer moves along. Please do not hesitate to call any of our great Omni Agents for any help we can provide you.

Eagle County:

* Median Residential Price up 19.67% from LY Q1 numbers

* Transactions up 5.67% from LY Q1 numbers

* Average Residential Price up 10.78% from LY Q1 numbers

* Average Residential Price PSF up 10.36% from LY Q1 numbers

* Buyer Profile: 48.26% local, 15.14% front range, 31.55% Out-of-State, 5.05% international

Garfield County:

* Median Residential Price up .55% from LY Q1 numbers

* Average Residential Price up 21.14% from LY Q1 numbers

* Average Residential Price PSF up 11.96% from LY Q1 numbers

* Transactions down 10.48% from LY Q1 numbers

* Buyer Profile: 81.53% local, 3.6% Front Range, 14.86% Out-of-State, 0% international

Grand County:

* Median Residential Price up 23.21% from LY Q1 numbers

* Average Residential Price up 32.76% from LY Q1 numbers

* Average Residential Price PSF up 11.82% from LY Q1 numbers

* Transactions down 21.29% from LY Q1 numbers

* Buyer Profile: 16.91% local, 64.25% Front Range, 18.36% Out-of-State, .48% international

Pitkin County:

* Median Residential Price up 65.54% from LY Q1 numbers

* Average Residential Price PSF up 22.84% from LY Q1 numbers

* Transactions down 1.79% from LY Q1 Numbers

* Average Residential Price up 35.04% from LY Q1 numbers

* Buyer Profile: 66.06% local, .61% Front Range, 30.30% Out-of-State, 3.03% international

Routt County:

* Median Residential Price down 3.65% from LY Q1 numbers

* Average Residential Price down 25.21% from LY Q1 numbers

* Average Residential Price PSF down 18.37% from LY Q1 numbers

* Transactions down 2.26% from LY Q1 numbers

* Buyer Profile: 35.00% local, 13.85% Front Range, 50.38% Out-of-State, .77% International

San Miguel County:

* Median Residential Price down 19.14% from LY Q1 numbers

* Average Residential Price down 11.07% from LY Q1 numbers

* Average Residential Price PSF up 6.85% from LY Q1 numbers

* Transactions up 21.84% from LY Q1 numbers

* Buyer Profile: 34.91% Local, 2.83% Front Range, 61.32% Out-of-State, .94% International

Summit County:

* Median Residential Price up 5.26% from LY Q1 numbers

* Average Residential Price up 4.61% from LY Q1 numbers

* Average Residential Price PSF up 16.09% from LY Q1 numbers

* Transactions down 4.40% from LY Q1 numbers

* Buyer Profile: 16.78% local, 49.34% Front Range, 33.22% Out-of-State, .66% International

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