October produced the strongest performance in Summit County of any month in the last 4-5 years. Transaction volume vaulted to 230 units up 43% from a year ago and 45% from September. That was the highest unit sales number of any month since December of 2007. Dollar volume produced a similar jump rising 54% from a year ago to $104,7 million. That compares with $88.1 million in September and is the highest dollar volume since October of 2008. The numbers were helped by the simultaneous closing of 12 new units in the Frisco Town Sub totally just short of $6 million, but even excluding those sales the numbers were quite impressive.
While there was some activity at the high end of the market with 14 sales over $1 million, including one at $3.1 million, activity was most robust in the lowest pricing brackets. Sales under $200,000 account for 16.9% of all transactions compared to only 10.1% of transactions in the prior 8 months and sales between $200,000 and $300,000 were 21.7% of the total versus 15.9% in the earlier months of the year.
Despite the high volumes at lower prices, the average selling price for a single family home year-to-date actually rose from September‘s $758,340 to $765,769. This suggest that the volume shifted more to multi-family sales rather than single family homes – perhaps due to skiers lining up their ski condos for the winter. The average selling price of a multi-family unit did dip from $360,718 to $352,392. Year-to-date, the average selling price of a single family home is up a little over 4% from year end 2011 while the average price of a multi-family unit is down about 4%.