The Summit County real estate market continues to slowly recover although the action continues to be strongest at the lower end of the market. In April, transaction volume rose 5.8% sequentially and 34% year over year with 91 sales in the period. Total dollar volume reached $40.8 million up 9% from March and 8% from the year ago period.
Sales mix continues to favor the lower end of the price spectrum. In April , 51 of the 76 (67%) residential sales were priced under $500,000. The change in mix—and likely overall decline in pricing—also has been reflected in average selling prices. Year-to-date, the average single family transaction has been $734,020 down 19% from all of last year. Multi-family average prices have fallen to $367,857 versus $398,051. One large lot sale earlier in the year has skewed the average lot sale upward to $430,708 versus $399,025 but raw land is actually the weakest sector in the market at this time. New construction has virtually ground to a halt and spec builders—primary buyers of raw land—are already sitting on unwanted inventory.
While pricing and price points remain under pressure, volumes have steadily improved since the sharp fall off in January. We expect this trend to continue as we enter the strongest selling season. Given the relatively high inventories, it is unlikely that prices will rebound sharply anytime in the near future. Rising sales volumes, however should come as a relief to those that need.