Real Estate News You Can Use: 2010 Summit County market recap
How did Summit County real estate fair this past year in 2010? With the help of Brooke Roberts at Land Title Guarantee company here is the market snapshot
The number of purchase transactions was up 6 percent in 2010 from the previous year. This includes all sales in Summit County, including land. So the sales transactions are up but the monetary volume is about the same, meaning there have been more sales but the dollar volume is about the same.
The median price for a single family home from ’09 to ’10, decreased by 13 percent, however there are some areas that the price has increased. The median price for multi-family for the same time period only decreased 1 percent. The median price for vacant land was the most dramatic with a decrease of 46 percent from 2009 to 2010. Not many buyers out there for land these days as spec home building in our area is nearly non-existent these days!
There are several areas that showed an increase in median price. The areas of increase for single family are Blue River 8 percent, Dillon Valley 7 percent, Summit Cove 13 percent and Wildernest 6 percent. For multi-family, Breckenridge and Frisco are both up 4 percent. (Closings of One Ski Hill Place are included in the Breckenridge numbers.) If you want more specific information on your area, you can send an email and request the link to the reports to be sent to directly to your email.
While the most active price point in Summit County has been the $200K to $300K price range, we still have some good high-end activity. There were 120 residential properties that sold for $1M and over.
The average sales prices in Summit County have not changed too significantly compared to other areas in the nation, our values have held up pretty well considering the real estate meltdown in many of the hard-hit areas like Florida and Arizona. In 2007 the price for multi-family properties was $406,529 then it jumped to $463,000 in 2008. The average price went down to $398,051 in 2009 and 2010 it was back up to $425,080.
Bottom line, real estate in Summit County still is a good investment for the long term. The average price of all improved residential property in 1988 was $99,749, 12 years later in 2000 the average price was $332,750 and in 2010 the average price is $554,802.
Even by taking out the spike years, Brooke at Land Title said the data shows close to an 8 percent per annum return over the last 23-year period.
If you are waiting to invest in Summit County, there may be no better time. This is the market many buyers have been waiting for. With interest rates creeping up it may be a good time to get off the fence and take a look at the opportunities!
Cynthia Goda at Cynthia Sells the Summit has been a local Summit County Realtor for 26 years. She can be reached at firstname.lastname@example.org or call (970)468-0404.
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