Summit real estate prices show some stabilization in November

November real estate sales in Summit County followed an all too familiar pattern with unit sales showing a marginal year-over-year increase but dollar volume continuing to decline.  During the month, there were a total of 142 closings, up .7% from November of 2010 and down 12% from October.  Dollar volume totaled $58.5 million, down  2.7% from a year ago and off 14% from the prior month.  It should be noted that the sequential decline is reflective of the normal seasonal pattern over the last several years.  On the plus side, it would appear the pricing pressures eased somewhat although demand remains focused at the lower end of the market.  For the month, 81% of the transactions were under $600,000 versus 75% for the year to date.  The average single family price dipped $5,000 to $745,000 but multi family pricing actually ticked up to $363,800 from $363,600 in October and even raw land saw some firming with ASPs rising $2,000 to $255,000.  Inventory rose during the month with Single Family and multi-family listings both increasing by 7%.

Summit County real estate market trends


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