Summit County volumes remain up but dollars lag

Sales activity in June rose for the third straight month, albeit at a more modest pace than was seen in April and May.  Total transactions were up 5% year over year to 109 but that pace was below the 134 and 113 transactions recorded in May and April respectively and trailed the 25% and 7% gains recorded in those two months.  Dollar volume did not fair as well falling 21% from a year ago and 24% from the level of June to $52.1 million.  Year to date transaction volume is up 3% while dollar volume is down 7%.  While the number of transactions had a slow start in the first three months, the strength of the last 3 months has put year to date transactions (for June)  at their highest level since 2008.

The average sales price for a single family home is down about 10% versus the year to date number last year, but is off less than 3% from year end.  Multi family pricing is down 8% versus the year ago number and about flat with the average for all of last year.  One interesting note is that higher end properties, while having less sales, seem to be holding prices better.  For example, so far this year, the eight sales in the Highlands neighborhood are barely half of last years 15 sales, but the average price per square foot is up six percent.  Conversely, the Blue River area where the typical home sells for 1/3 the value of the highlands, sales volume is up 30% but the average price per square foot is down 10%. It is obvious that the mix of sales (low end vs high  end) is as if not more responsible for the drop in overall average selling prices.  It is notable, however, that June did see the first transaction over 2.5 million this year.  In fact, there were  two.

 

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