Market Trends by Month
In the first month of 2018 there were 107 residential real estate transactions totaling $79 million in sales volume. Twenty-two of these transactions were sales of luxury properties which sold for $1 million or above. These statistics are remarkably similar to January 2017, which was the previous record setting January with $78 million in transaction dollar volume. One segment of the market where the numbers differ greatly from last year is vacant land transactions. In January there were 22 homesite sales, compared to just 7 last year.
The residential market continues to experience growth in values. The three month average of residential sales price rose 11% compared to last January’s average, reaching $750,772. Average price per square foot is up similarly (10%) from 12 months ago, to $449 per foot.
The average days to sell for residential properties has decreased since last year, with the three-month average resting at 47 days. This is down 39% from last January when the average was 77 days to sell. Across Summit County, residential properties are selling for an average of 98% of list price.
Currently (as of 2/5/18) there are 468 residential and land listings for sale in Summit County. This is the first time in over a decade that there have been less than 500 active listings to start off the year. Inventory of residential and land listings is down 19% from one year ago, and has decreased by more than half since February 2015.
Please note: This report is intended to give the reader a general overview of the Summit County area. Statistics can vary by neighborhood and price range, so buyers and sellers are advised to look to their Slifer Smith and Frampton broker for specific information on properties of particular interest. The source of real property information used for this report is the Summit Association of Realtors MLS.
Data is compiled by Slifer Smith & Frampton Real Estate with data from the Summit Association Realtors MLS. Statistical information is deemed reliable but not guaranteed. Please contact your Slifer Smith & Frampton Real Estate broker for clarification or more information.