Market Trends by Month
July 1 marks the end of the second quarter of 2018 and the start to what projects to be a busy selling season. During the month of June there were 171 residential real estate transactions in Summit County. This is 5% decrease compared with a flourishing market in 2017. While total transactions were down compared to twelve months ago, sales volume is up 9% totaling $127,480,397 this month and $543,856,420 year-to-date.
Also important to note of these 171 transactions, 39 closed in the luxury category of $1 Million and above. This is a 117% jump from just 18 luxury closings in June 2017. Sales in this price segment have more than doubled this month and have had steady growth since February.
The significant increase in sales volume compared to the number of transactions has pushed the average sales price higher. The three month average of residential sales price is approximately $738,608 compared to $700,000 in June 2017. On average, properties are selling for 98% of list price and in an average of just 39 days.
As of July 1, there are 723 properties for sale in Summit County including 527 residential properties and 196 homesites. With an uptick of inventory in each town coupled with a 10-year low days to sell, we should expect to see Summit County real estate continue to thrive in the summer months to come.
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.