This report is courtesy of Land Title Guarantee Company.
Summit topped $3B in gross sales volume in 2021, which is 31% above the record-setting year of 2020 and almost double 2019. Highlights for December 2021 are below.
- Market Analysis by Area for December 2021: There were a total of 183 transactions and $205,268,620 in monetary volume. The average transaction price for all 18 reported areas, plus deed-restricted transactions, was $1,166,045; the average residential price was $1,177,393; and the average residential PSF was $704.
- Market Analysis by Area YTD 2021 (12 Months): There were a total of 2,868 transactions totaling $3,053,165,389 in monetary volume. The average transaction price was $1,090,082, the average residential price was $1,117,682, and the average residential PPF was $677.
- Market Snapshot for Full Years 2021 vs 2020: Average Indicators for $: Single Family +24%, Multi-Family +24%, and Vacant Land +37%. Median indicators for single-family are +21%, multi-family +22%, and vacant land +38%.
- Market Analysis % Change YTD December 2021 and Final 2021 Recap: Monetary volume in December 2021 was down 13% from December 2020. Transactions were down 35% from December 2020. Final 2021 numbers: $ volume is 31% up, and transactions are up 2% from full year 2020.
- Residential Cost Analysis: Residential volume in December had 148 transactions with $174,254,119 gross volume. There were 70 properties that sold for $1M and above in December. There were 59 single-family, 89 multi-family, and 14 vacant land transactions in December 2021. In 2021, there were a total of 895 residential single-family, 1459 multi-family, and 180 vacant land transactions.
- Average Price History by Type—2021: Average price for residential single-family: $1,717,028; multi-family: $750,022; and vacant land: $504,480.
- Comparative Historical Cost Analysis Comparison 2021-2020-2019: In the full year 2021, there were 2,354 residential transactions and $2,631,022,363 gross volume with 887 properties selling for over $1M. In 2020, there were 2,291 transactions with $2,069,655,256 gross volume with 658 properties selling for over $1M. In 2019, there were 1,933 transactions with $1,586,910,706 gross volume with 454 properties selling for over $1M.
- 2,291p Lender Analysis, December 2021 and Full Volume 21: There were 463 loans in December; 127 loans were related to sales, there were 227 REFI's, and 109 loans were timeshare-related. Cash transactions made up 31% of real estate closings. In 2021, there were 7,016 low-volume loans, 917 loans were related to sales, there were 3,474 REFI's, and 1,625 loans were related to timeshares. 33% of the real estate closings were cash transactions in 2021.
- Foreclosure 2021 Update: The year of 2021 closed out with 67,016 loan closure actions—56 of those sales were for timeshares.
- REFI's first highlight is loans; see page 11 of the Market Analysis. Note the higher priced sale in December 2021 in Breckenridge at $5,250,000. The top-priced PSF was in Breckenridge (One Ski Hill Place) at $1821.
- Purchaser Profile Abstract: There were 76 upper-end sales in December, topping out at 93 in November. Our buyers for real estate transactions for December 2021: Local buyers are at 23%, Front Range 44%, out-of-state 33%, and 0% international buyers. There is also a graph included showing demographics: 44% through 2013, 33% age 18.
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Brooke Roberts
