July 2008 Real Estate Highlights

• The Breckenridge Area, in the Timber Trail Subdivision, Lot 7 - located at 312 Timber Trail Road, there was a new home sale for $5,550,000 - which is now the highest price home sale recorded in Summit County.  (Previously the top sale was $5,500,000 for a home in Gold Flake #3 that closed 9/7/2007). The Timber Trail home has a total of 7,638 SF Living Area, 7 Bedrooms and 9 Baths, was built in 2006 and sits on .631 AC.

• The numbers look a little interesting in Dillon because of the Trans-Lux theatre building sold on July 21st for $5,792,000.  That sale is commercial, so included in the transaction numbers - but not in the Residential Column numbers.

• The July monthly Average Transaction Price of $604,290 is the highest since December of 2007, when it was $615,781.

•  The July Gross Residential Volume (New Construction and Resales) average prices for Single Family, Mulit-Family and Vacant land continue to surpass the entire years of 2006 and 2007 average prices. ( Single family: $827,369, Mulit-Family: $432,202 and Vacant Land: $510,585)

• The month of July 2008 shows a 42% decrease from the month of July 2007 in monetary volume. The month of July 2008 indicates a 55% decrease in number of transactions compared to the month of July 2007. However, month to date (7 months of 2008) monetary volume shows a 27% decrease (7 months in 2007). We are showing a 38% decrease (7 months to date) in 2008 with number of transactions in 2007 (7 months to date in 2007).

• YTD Average Residential Sales price for the past 7months is $564,389 vs. YTD last year at $506,055, with YTD-90 Residential Improved Units sold for $1M and over in 2008 (7 months) and 99 Residential Improved Units sold for $1M and over in 2007 (7 months)- very close to last year!

• 100% Cash transactions in Summit County continue to increase- 40% of real estate closings were cash transactions at the time of closing in July 2008.

Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office.  The information is not directly related to MLS data.
The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate.