Summit County Market Stats September 2016
September is typically one of the busiest months of the year for Summit County real estate sales and this year is no exception. More real estate transactions closed in September than any other month in 2016. 224 residential transactions were recorded totaling $137.3 million in sales volume. At the close of the third quarter, residential sales volume reached $705.8, 7% higher than this time last year.
32 properties priced above $1 million closed this month, bringing the year-to-date total to 149 luxury sales. Sales in this price category are up 6% over last year, and up nearly 50% since two years ago.
Residential average sold price per square foot is up 5% over September 2015 ($374 v. $356). Overall, properties are selling at 98% of list price and the average days to sell has fallen substantially to an average of 66 days.
205 new residential and land listings were brought to market in September. Of these, 100 remain active and 92 are under contact, showing strong buyer demand. Eight have sold and five have been withdrawn. Coupled with September closings, this netted a loss of 12% of available inventory in one month. Available inventory as of October 1, 2016 consists of 827 units, down 23% from 1,076 twelve months ago.
Summit County Market Stats June 2016
As of July 1, there are 951 properties for sale in Summit County. 642 of these properties are residential, and 309 are land. Active inventory rose by 122 properties since June 1, but the number of available properties is 25% less than it was 12 months ago.
In June, 147 residential properties sold totaling $84.4 million in closed volume. While sales were slower than in June 2015, they were significantly above the June average over the past 8 years, which is 97 sales. The number of transactions in June was down 14% from 12 months ago, while volume was down just $2.5%, pushing average sales price up 7%. The three month average sales price was $590,651, compared to $551,565 in June 2015.
Year-to-date, residential transactions are fairly even with last year (down 2%), and volume is up 8%. Of the 683 residential transactions so far in 2016, 75 sales have been of properties $1 Million or higher which is similar to the pace of luxury sales seen in 2015. There were 11 sales of vacant land in June, bringing the year-to-date total to 48 sales. The number of land sales is 33% less than the same period in 2015, but is right on average for the past 8 years.
The three-month moving average of residential price per square foot is $369, compared to $338 last June, a 9% jump. On average, residential properties are selling for 97% list price and average days to sell is 78, which is 54% faster than last year.
Summit County Market Stats May 2016
As the Summit County real estate market is moving into the summer selling season, sales activity is on the rise.
In May, 144 properties sold totaling $84.2 million in closed volume. Both transactions and volume for May reached their highest levels in the past 9 years. Alternatively, inventory is at the lowest level in 9 years. As of June 1, 829 active residential and land properties were on the market.
Of the 536 residential sales in 2016 so far, 60 were of luxury homes of $1 million or more. The number of luxury transactions up 5% since last year. Sold residential volume year-to-date is up 11% over 2015, totaling $327 million.
Price indicators are more than 10% above where they were 12 months ago. The three-month moving average of residential price per square foot is $377, compared to $337 last May, and the average sales price is $627,985, compared to $567,229 last May. On average, residential properties are selling for 97% list price and average days to sell is 156.
The Summit County real estate market saw increased sales activity and growth in sales prices in the first quarter of 2016. So far this year, there have been 263 residential sales totaling $163.8 million.
Despite limited inventory, real estate sales were robust in March. There were 101 residential sales, totaling $69.3 million in closed volume. Compared to March of 2015, residential transactions and volume are up 11% and 37% respectively. Gains in sales volume were significantly higher than gains in number of transactions this month, pushing average sales price up. The average sales price for a residential property is up 11% from last March’s three-month average, currently $616,834.
Additionally, sales in the upper echelon of the market remain strong. There were 14 closings of properties $1 million and above in March, bringing to year-to-date total to 30. Land transactions have dropped by nearly half compared to the end of the first quarter of 2015, with 17 sales to date in 2016. On average, residential properties are selling for 97% of their list price. The average number of days a residential property takes to sell is 200 days.
Inventory of residential and land properties remains limited as of April 1, with just 740 active listings for sale across Summit County. Broken down, this accounts for 485 residential and 255 land properties. Just twelve months ago, total inventory was 1,016 properties. Typically, inventory stays fairly flat in the first quarter and increases steadily from April through July.
Two months into 2016, the Summit County real estate market is experiencing a similar level of activity to 2015, which was an incredible growth year. While buyer demand remains strong, growth in sales activity is restricted by the limited number of properties for sale.
There were 87 residential sales in February, totaling $51.8 million in closed volume. Year-to-date, residential transactions and volume are right on par with 2015 numbers. So far this year, there have been 162 residential sales totaling $94.5 million. Luxury home sales ($1 million and up) are also even with last year, with 16 closings in 2016.
Though 138 new listings were introduced to the market in February, inventory of residential and land properties remains low, with just 720 active listings for sale. Limited inventory and high demand is pushing price on a steady but modest climb. The average sold price per square foot for a residential property in Summit County is $368 per foot, up 3% from last February’s three-month average. Average sales price is up 2% over last year, with the three-month average currently at $565,707.
Residential properties are selling for an average of 97% of their list price, which is the highest ratio seen in the past 8 years. The average number of days on market a property takes to sell (CDOM) is down significantly from 12 months ago. On average, properties are selling 40% faster, at 193 days on market.
In the first month of 2016 Summit County real estate recorded above average transactions and sales volume. There were 75 residential transactions in January totaling $42.6 million in sales. While sales volume was down 20% compared to January 2015 (a particularly active month), it still out performed the January monthly average of the previous 5 years by nearly 20%
The residential market continues to experience moderate growth in price. The average price of a residential property in Summit County increased 3% since last January’s three month average to $567,449. Average price per square foot is up 4% from 12 months ago to $364 per foot. The most active price point during January was $200,000 - $400,000, with 22 transactions in this price range. There were seven sales of $1 million or more and the highest sale of the year so far closed at $2,720,000 in Breckenridge.
The average cumulative days on market for residential properties has decreased dramatically since last year, with the three-month average resting at 177 days on market. This is down 36% from last January when the average was 278 days on market. Across Summit County, residential properties are selling for an average of 97% of list price, an eight year high.
117 residential and land listings were brought to the market this month, and 25 of those new listings were already under contract as of January 31. The active inventory as of February 1 is 711 properties, accounting for 457 residential properties and 254 homesites. Inventory is down 30% from one year ago, and is less than half of what it was 5 years ago.
Summit County residential sales volume reached the $1 Billion mark this December for the first time since 2007. 2015 sales volume is up 22% over last year, with $1.02 billion in residential real estate sales this year. In comparison, the number of residential transactions was up by less (13%) pushing the average sales price higher. The average price of a residential property is currently $568,082, up approximately $50,000 from the December 2014 average. Residential price per square foot rose 7% since last year to $363.
One factor of the increase in average sales price can likely be attributed to the growing number of luxury market transactions ($1 million & up). In 2015, there were 196 sales of residential properties over $1 million. The amount of luxury market sales is up 36% from last year, and has nearly doubled since 2011. Residential sold price versus list price has climbed greatly in the past 5 years, currently averaging 97%.
There were 146 vacant land sales in 2015, a 10% increase over 2014. Inventory of properties for sale continues on a downward trend. Currently there are 460 residential properties and 252 vacant land listings for sale, marking an 8 year low in inventory.
154 residential transactions closed in November, with an average sales price of $580,317. Residential sales volume totaled $92.5 million, a 43% jump over last November. Year to date, 2015 residential volume is up 24% over last year. The average sold price per square foot in November was $364, compared to $322 last November. On average, residential listings are selling for 96% of list price.
There were 12 sales of vacant land in November, bringing the 2015 year-to-date total up to 133 sales. Vacant land sales have been climbing steadily for the past six years, but 2015 represents the largest increase in any year since land sales dropped dramatically in 2009. So far, 2015 land sales are up 27% over 2014. Historically low inventory levels are likely a factor in increased land sales. There are currently 506 residential properties and 275 vacant land properties for sale in Summit County. On the whole, active inventory is at its lowest level in over 8 years and is down 27% from 12 months ago.
There were 232 sales of residential properties in Summit County this October totaling $132.3 million in volume. These are the largest numbers both in transactions and volume that Summit County has seen during any month in the past seven years. Year-to-date, there have been 1,495 residential transactions and sold volume is up 22% over last year.
The average purchase price of a residential property is currently $570,340, up 12% over 2014. Price per square foot jumped a similar amount since last October, up 14% to $361 per square foot. Residential properties are averaging 97% of list price.
Sales of vacant land slowed down in October, but year-to-date transactions are still up 19%. There have been 121 vacant land transactions so far in 2015.
Currently there are 592 residential listings and 300 vacant land listings on the market. The amount of residential inventory is down 29% from last October, and down 64% since 2010.
September marks the end of the third quarter and another active month for Summit County real estate. Residential sales volume reached $706 million for the year, 22% higher than the same period in 2014.
The number of residential transactions increased 5% over last September while total sold volume is up 17%, indicating that average sales price is climbing. Of the 203 residential properties sold in September, the average sales price is $569,049, a 12% increase in 12 months. Residential average sold price per square foot is also up 12% over 2014, and is currently $356 per square foot. Overall, properties are selling at 97% of list price and the average time on the market is 194 days.
Land sales are also on the rise. There were 15 sales of vacant land in September, bringing the year-to-date total up to 111 sales. Overall, land transactions are up 31% over last year. There are currently 324 land listings for sale in Summit County.
Summit County recorded 211 residential real estate transactions in August totaling $120.5 million in sales volume. Year to date, residential volume is up 23%. The average sales price of a residential property in Summit County is currently $549,027, and the average price per square foot is $345. These numbers are trending approximately 10% higher than last August. On average, residential properties are selling at 97% of list price, and the average days on market is 198. In August there we 17 sales of vacant land, bringing the 2015 total to 96 transactions. Active inventory of residential and land properties is 1,237, which reflects 23% less available properties than 1 year ago.