Market Trends by Month
During the month of June there were 181 residential real estate transactions in Summit County bringing the total for the year up to 792 closings. Nearly 20% of these closings (146) were of properties priced at $1 Million and above. Sales in this price segment have nearly doubled in the first half of the year, up 95% compared to 2016.
Year-to-date, there has been a 16% increase in residential transactions while sales dollar volume is up 38% over 2016. 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 $700,000 compared to $590,000 in June 2016. On average, properties are selling for 98% of list price and in an average of just 62 days.
As of July 1, there are 951 properties for sale in Summit County including 572 residential properties and 266 homesites. Available inventory rose by 20% since June 1, but the number of properties for sale is still 10% less than 12 months ago.
Previous Month's Stats Report: May 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.