September Summit County sales posted their second consecutive monthly improvements in both the number of transactions and total dollar value. Transactions in September rose 8% from August and were up 2% year-over-year (YOY). Dollar volume was up 21% from the prior month but up a more modest 9% from a year ago. Demand continues to be concentrated at the lower end of the pricing curve with a little more than 71% of the residential transactions being valued at less than $600,000. For the year-to-date, transactions under $600,000 have represented 72% of the total.
Looking at the numbers on a full year basis, year-to-date transactions have risen 16% to 1,005 but the shift to the lower end of the market (and perhaps some price erosion) trimmed the YOY increase in dollar value to a modest 2% at $79.8 million.
For the year so far, actual foreclosures are up substantially to 172 versus 127 (including timeshares) but the filings of NEDs (the process to initiate foreclosure) is down 6%.
