March 2011 marked improvement over 2010
2011 year to date up 20% from 2010 year to date
March 2011 had a total of 72 residential improved transactions, up 7 from 65 in February 2011. Total residential dollar volume in February was $34.9 million up slightly from $33.2 million in February. Total number of transactions in March for all types of real estate was 102, increasing from February's 89. April 2011 residential sales from our MLS indicate 88 residential properties sold with dollar volume at $55.9 million - a nice jump in sales volume for this year!
The price point with the most activity in March is the $200,000-$300,000 with 16 sales. In second place is the $300,000-$400,000 with 15 sales followed by the under $200,000 price point with 11 sales.
Average prices from 2006 to 2010 are below; 2011 numbers reflect year to date.
Single Family Homes:
2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $710,227 ($705,177-February, $767,461-January)
Multi Family:
2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $401,769 ($429,237-February, $426,174-January)
Vacant Land:
2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $252,583 ($185,923-February, $221,950-January)
As of May 5, 2011, there are 1,386 residential properties for sale, up 12 from last month. The total dollar value of current inventory is $1.001 billion. As of the same date there are 369 land listings, up 15 from last month.
With respect to residential listings, average days on the market is 280. Eight hundred and forty seven listings or 61.1% of these listings have been on the market for more than 120 days.
Our MLS is showing 135 residential properties currently Pending, down 19 from March. Total dollar volume of pending properties per list price is $79.1 million.
According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 5.4% of residential properties are for sale and 14.3% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory.
Industry experts also say that more than 6 months of inventory is a sign of a weak or "buyers" market. With 72 residential properties selling in March and inventory of 1,386, it will take 19.25 months to sell the entire residential inventory. Now, while there might be less than 10% of properties for sale, the lack of buyers can make for a long holding time.
Below are the total dollar amounts of sales in March from 2004 to 2011:
March 2004 $59.1M
March 2005 $90.2M
March 2006 $108M
March 2007 $92.5M
March 2008 $95.3M
March 2009 $37.8M
March 2010 $37.4M
March 2011 $44.8M
Total Dollar Volume for 2004-2010 is as follows:
2004 $1.12B
2005 $1.47B
2006 $1.63B
2007 $1.63B
2008 $1.06B
2009 $683M
2010 $698.4M
The year 2006 had the most dollar volume totaling $1,637,874,800.
What does all of this mean to you?
Month over month, March 2011 shows a 20% increase in dollar volume and a 19% increase in number of transactions over March 2010. Year to date dollar volume for 2011 is up 35% and number of transactions is up 22% compared to year to date 2010. Is 2011 looking better? The statistics indicate that more activity is happening. Note that most of the activity remains in the under $400,000 market with the higher priced market remaining quite soft.
To the Sellers out there: Depending on the type of property you own, my advice may differ slightly. In no circumstances are you in the driver's seat of getting the price you were told it was worth in 2007, but some property types and sectors are fairing better than others. I was told by a wise agent this week that he is telling sellers, "You are in a price war and a beauty contest . . . and you have to win both." I couldn't have said it better myself.
To the Buyers out there: I know what you want - you want a good deal! There is still time to capture opportunities in this marketplace. In the last couple weeks I have found some new tools to locate distressed opportunities. If you would like to try out an impressive tool for yourself, check out my plug for renav.com below. In the meantime, if I can help you locate your perfect (bargain) mountain property, please contact me!
For more information or for a customized property search, please contact me!
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