NEWS

Summit County real-estate sales see dramatic fall in 2008

Date: Feb. 9th, 2009
Contact: summit daily news

Recently released year-end figures from Land Title Guarantee Co. reveal what any local real-estate agent already knows: 2008 was not a great year.

Taking data from the Summit County Clerk and 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 with 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 steady average prices in 2008 of $835,803 for single-family residences; $463,633 for multi-family residences; and $470,260 for vacant land.

• Some 177 residential units sold for $1 million or more in 2008, compared with 216 units in 2007.

• The number of transactions in residential units was down more than 50 percent in 2008 from 2007, and total dollar volume was down more than 60 percent from 2007.

• Cash transactions in 2008 comprised 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 fell in the $300,000 to $400,000 price ranges in December.

• Nine properties sold for $1 million or more in December.

• The number of transactions in 2008 were down 43 percent from 2007.