Market Trends by Month
As Summit County transitions into spring, residential real estate transactions are on the rise after a comparatively slow start to 2018. There were 131 residential transactions this month, up 7% since the previous April and up 27% from just last month. The residential sales volume represents a corresponding 4% increase from April 2017 and 29% rise since March 31. Residential dollar volume year-to-date totals at $304,212,400 as of April 30.
Of the 131 residential transactions this month over 15% have been have been luxury homes of $1 million or more and 3 properties closed over $3 million. We are beginning to see sales prices rise in the luxury market with the highest sale this month at $3,999,000 illustrating a 34% increase compared to 12 months ago. Growth in this market segment is pushing average values higher.
With climbing values coupled with low inventory, we are also seeing a significant jump in the land market. There were 19 land transactions this month, demonstrating a 90% increase compared to last April. Year- to-date land sales are up 62% from the previous year.
However, for both residential and land, inventory is beginning to rise in anticipation of the summer sales season. As of May 1, there were 553 residential and land properties on the market, up 11% since April 1. With the uptick in inventory and the days on market 3-month moving average still low, we will hope to see both transactions and sales volume continue to grow in the summer months ahead.
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.