Although showing its typical seasonal dip, Summit County real estate sales continued to show strong year over year gains. Transaction volume dropped from 185 sales in December to 108 in January but that still reflected a 13% improvement over a year ago. Dollar volume fell to $53.4 million from $87.2 million in December but that still reflected an impressive 33% increase from January of 2012.
Sales in the low end of the market were quite robust with 35 transactions or 39% of the total volume made at less than $300,000. For all of 2012, sales of properties under $300,000 were only 32% of total volume.
Interestingly, the high end of the market was also strong. There were ten sales over $1 million including one in excess of $4 million. That is only one less sale than in December even though overall sales were down 42%.
Aided by a $4.2 million sale, the average selling price of a single family home rose to $974,971. Even without that sale, single family ASPs rose to $867,470 versus $764,455 for all of last year.
Land prices also were able to post an increase in average selling prices rising to $342,825 versus $309,512 for the prior 12 months.
Multi-family ASPs continued to decline, hitting $311,640 versus $358,339 for 2012. That drop is likely more reflective of a higher volume of purchases at the lower end of the market than it is of actual price declines in the market.
Distressed property activity was flat with eight NEDs (vs six a year ago) and five foreclosures versus six in January of 2012.