Market Statistics

Hello from Breckenridge, Colorado!

What’s going on with foreclosures in Summit County? Are there more than ever, or fewer than there were?

Get the quick answer from our 1-minute video, or see the details below.

The short answer is: It appears that wave has crested, and is on the decline. The number of foreclosures in Summit County is down 50% vs last year at this time.

The chart below shows the number of properties that went into foreclosure in Summit County:

• All property types (homes, condos, land, commercial, etc) are included except timeshares
• In 2008, there were only 33 foreclosures, county-wide. In 2009: 47. Then a big jump to 104 in 2010, peaking at 145 foreclosures in 2011.
• So far, through the end of May 2012, we’ve had 37, vs 74 from 1/1/11 to 5/31/11. So, we are at exactly half the number of foreclosures compared to last year at this time. Good news!
• The number of REO (Real Estate Owned) bank sales is comparable – down about 50% vs last year
• A number of factors could change this picture, but this is the current snapshot. We’ll keep you posted!

The raw data for this chart was provided by Maggie Dew, the Business Development Officer for the Summit County branch of Stewart Title. You can reach her at (970) 393-2536. Thanks, Maggie!

So, now you know the story on foreclosures in Summit County. Believe it or not, we have even more data, so if you like market statistics, you know who to call!

Hello from Breckenridge, Colorado!

Are prices going up yet?

Get the quick answer from our 1-minute video, or see the details below.

The short answer is: County-wide, overall average selling prices are starting to rise, but that is only because there have been a few more sales of luxury properties vs affordable properties. Prices in a given complex or subdivision are, for the most part, flat.

The chart below shows the average sold prices for residential properties in Summit County.

• “Residential” means homes, condos, townhomes, duplexes, or vacant land
• The data for 2006-2011 is for the full year. The data for 2012 is from 1/1 to 4/30/12.
• County-wide, the average sold price in 2011 was $495,931. The average sold price so far in 2012 is $516,595. That’s an increase of 4.2%. So prices are going up, right? Not necessarily. See the bullets below the chart!

• Suppose there were just two choices: Cozy Condos or Fancy Homes. In 2011, there are 10 sales of Cozy Condos, each at $300,000. There are 2 sales of Fancy Homes, each at $1,000,000. The average selling price is [ (10 x $300K) + (2 x $1M) ] / 12 = $416,667.
• In 2012, the market improves and there are more sales of everything. We go from 10 to 12 sales of Cozy Condos, again at $300,000 apiece. And one more Fancy Home sale than last year for a total of 3 sales, again each at $1,000,000. The average selling price is [ (12 x $300K) + (3 x $1M) ] / 15 = $440,000.
• That’s an increase in the average selling price of $440K / $416.7K = 5.6%. Yet, Cozy Condos sold for $300K and did not go up in price. Fancy Homes sold for $1M and did not go up in price. Overall aggregate market statistics can be misleading.
• To really know what’s going on with prices, you have to look at selling prices per square foot in a specific complex or subdivision such as One Breckenridge Place. That’s the approach we take.

So, now you know the story on overall market averages vs prices in a specific complex or subdivision. Believe it or not, we have even more data, so if you like market statistics, you know who to call!