Real estate market sees record real estate transactions
SUMMIT COUNTY The buying and selling of real estate in Summit County reached a new level of activity in August, according to recently released records of local real estate transactions.The new numbers, tallied by Land Title Guarantee Company, show that the month of August was the busiest ever recorded, as 400 transactions were closed around the county. That number reflects sales of property types that run the gamut from ranches, condominiums and affordable housing to single-family homes and multi-million dollar second residences.Land Title gathers the information from recorded deeds across the county, and the numbers do not include timeshare sales information.The summer months are traditionally the biggest months for real estate transactions. But 400 transactions (for August) is a record number, said Brooke Roberts, sales and marketing director for Land Title Guarantee. We havent really ever seen that amount of transactions in one month before. Business is really picking up.The record 400 August transactions logged were up 37 percent from August 2004, when 293 transactions were recorded. Put into dollars, August transactions totalled more than $148 million in sales volume for the month, also way up over the $102 million recorded in sales in August 2004.For the year, sales volume for the county is on pace to surpass last years total-dollar number of more than $1.13 billion in sales one of the highest year-long totals in recorded history. So far this year, total sales volume for the county is up 33 percent, and activity in the coming months looks like its not slowing down.September is going to be really busy as well, and well probably have record transactions for that month too. Looking through October, were pretty steady it seems, Roberts added.So far in 2005, total sales volume was up year-over-year for every month through August, except June, when 2005 sales volume was even with 2004.
The highest percentage of transactions were for properties valued in the range of $300,000 to $500,000 reflecting a general trend of swelling real estate valuations in the middle of the market. Middle-market transactions are up across the board nationally, as interest rates remain relatively low, and more and more people turn to real estate as an investment as opposed to traditional stock market or financial investment plays. The growth in middle-market transactions also reflects the idea that not only are non-locals buying up second homes and vacation properties, but locals are also taking advantage of low rates to buy properties of their own.If location, location, location is still the catch phrase of the real estate industry, then Summit Countys version would likely read Breckenridge, Frisco and Wildernest for the month of August.In terms of what areas around the county saw the biggest percentage of those record transactions in August, Breckenridge (including Breckenridge Golf Course) accounted for 37 percent, or 148 transactions. Frisco saw 41 of the August transactions or 10.25 percent, and Wildernest tallied 39 transactions, or 9.75 percent.The median transaction price for the month or the number where half of the properties were priced above and half below was $293,000. The average sales price for homes sold in August was $379,579.All of the data used for this story are courtesy of Land Title Guarantee Company, with offices in Breckenridge, Frisco and Dillon.Duffy Hayes can be reached at (970) 668-3998, ext. 250, or at firstname.lastname@example.org
Aug. 05 Aug 04 % cng.Total transactions:400 293 141Total sales volume:$148,269,200$102,320,900 145
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