Higher end of the Summit market gets active

Transactions volumes ticked down slightly in September but a pick up at the higher end of the market generated the strongest monthly dollar sales since December of 2009.  There were a total of 158 transactions in the month down from 159 in August and 162 a year ago.  Total dollar volume, however, jumped 10% year over year to $88.1 million.  August had been highest month year to date at $66.8 million.  The higher dollar volume was generated by a decided improvement in the higher end of the market.  September matched August with 11 sales in the $1.0 to $1.5 million range but added 8 sales over $1.5 million (versus none in August) including one sale at $5.57 million.  That was twice as many sales over $1.5 million than had occurred in the first 8 months of the year.  For September 15.3 percent of the transactions were over $1 million versus only 7.8 percent for the year through August.

After a slow start, the year to date is up 4 percent in transactions and 5 percent in dollars.  The improvement in the high end moved the average selling price of a single family home to $758,340 so far this year versus $734,262 for all of 2011.  Mutli family pricing has been relatively stable through the year holding at $360,718 down modestly from $367,280 for all of last year.  The year to date average sales price for land jumped to $314,185 from $281,388 in August aided by the sale of a 23 acre plot in Western Sky Ranch.

Bank and foreclosure activity remains relatively light.  Ten properties (excluding timeshares) went to public auction in September and in each case, the properties went back to the lender.  Two bank own properties were sold to the public.


This entry was posted in Summit County Market Statistics and tagged , , , , , , . Bookmark the permalink.