NEWS

Summit County Real Estate Sales Down 35 percent in 2008

Date: Apr. 17th, 2009

Recently released year-end figures from Land Title Guarantee Company reveal what any local Realtor already knows: 2008 was not a great year. Taking data from the Summit County Clerk & Recorder’s Office, Land Title reports that monetary volume for 2008 was down 35 percent from 2007. In December alone, monetary volume for 2008 was down 55 percent compared to the previous year.

Other 2008 highlights from the report:

• As a percent of volume, the top three sales areas are: No. 1, Breckenridge; No. 2, Silverthorne; No.3, Keystone

• The average transaction price in all 20 areas in 2008 was $585,841, in 2007 it was $509,693 and in 2006 is was $448,367

• The Summit County Residential Price Index from 2006 to 2008 shows the steady average prices in 2008- $835,803 — single family; $463,633 — mulit-family; and $470,260 — vacant land

• 177 Residential Improved Units sold for $1M and over in 2008 and 216 Residential Improved Units sold for $1M and over in 2007

• Residential Improved Units in 2008 number of transactions are down over 50 percent from 2007, and total dollar volume is down over 60 percent from 2007

• Cash transactions in 2008 average was 35 percent of the sales in Summit County

December highlights include:

• The average transaction price in December continued to hold steady

• The median residential transaction price for real estate in December 2008 was $385,000.

• The highest number of transactions falls in the $300,000 to $400,000 prices ranges in December.

• 9 properties sold for $1M and over in December

• Number of transactions in 2008 are down 43 percent from 2007

This article  can be found at:
http://www.summitdaily.com/article/20090209/BUSINESS/902099993&parentprofile=search