Market Trends by Month
Closing out a busy summer for Summit County real estate, August was the most active month of sales so far this year. In August alone there were 199 residential transactions totaling $172 Million in dollar volume.
Transaction totals for 2018 are pacing similarly to last year, which was a banner sales year. As of August 31st, there have been 1,112 transactions totaling $863 Million. Compared to 2017, transactions are down 8% while volume is up 3%.
In the luxury market ($1 Million and above) the number of transactions is up 12%. The 231 sales in this price category account for one in five transactions this year. August 2018 saw more luxury transactions than any other month in Summit County real estate history, recording 54 transactions at $1 Million plus.
Looking at the three month average, sales price of a residential property in Summit County is $810,942, reflecting a 25% rise from 12 months ago. Sold price per square foot is up 12% over last August’s average, and is currently $480 per foot. Overall, residential properties are selling at 98% of list price and the average time spent on the market is 42 days.
Land sales have also picked up this year, up 12%. There were 18 sales of vacant land in August, bringing the year-to-date total to 116 sales. There are currently 201 land listings for sale in Summit County.
Inventory of residential properties for sale is 533 listings across Summit County. In total, there are 734 residential and land properties listed for sale, the lowest in the last decade for September.
Source of data: Summit Association of Realtors MLS. Information is deemed reliable but not guaranteed. Please consult you Slifer Smith & Frampton Real Estate Broker for more information.