Market Trends by Month
The pace of residential sales slowed slightly in the month of July, dipping 7% compared to last July. Nevertheless, transactions year-to-date are up 11% compared to 2016, and sales volume is up 31%. So far in 2017 there have been 951 residential closings totaling $660 million. The average sales price is currently $653,393 – a 15% rise from this time last year. Land sales have seen an uptick, totaling 81 for the year.
One factor driving average price higher is the increase in sales of luxury homes over $1 million. Luxury home sales have risen every year since 2012, and climbed sharply in 2017. To date there have been 165 residential closings compared to 98 in the same time frame last year. Of the 165 luxury sales over $1 million, 37 were above $2 million and 9 were above $3 million. The median luxury sale price is $1,449,500.
Restricted inventory continues to influence the market. There are currently 566 homes and 267 homesites listed for sale in Summit County, totaling 833 properties. Five years ago, inventory was approximately double this amount. Available inventory has fallen every July since, dropping 17% from just 12 months ago. Limited inventory is likely a cause of increasing values, the high sold vs. list price ratio and falling days on market average. On average, properties are selling for 98% of list price and within a record low of 56 days.
Previous Month's Stats Report: June 2017
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.