April Summit County real estate shows another strong gain.

April Summit County real estate sales showed another strong month with double digit increases in both volume and dollars. Total transactions rose to 134 or a 19% gain over the year ago period and showed the seventh consecutive month with year over year gains. Dollar sales increased 22% to $64.3million making it the ninth month out of the last ten with a positive showing.
Year-to-date average selling prices for single family homes, ticked up from $758,714 in March to $767,545 and were 4% ahead of this time last year. Our sale of a $3.4 million home in The Highlands was a major contributor to that move.
Multi-family ASPs did move up modestly on a consecutive month basis but at $319,227 were still 12% below the year to date figure in April of 2012. While it is tempting to conclude that pricing is still under pressure in the multi-family market, we sense this is more a mix issue than one of falling prices. To test that hypothesis, we sampled the pricing trends in five popular condominium complexes. Looking only at 2 bedroom, 2 bath units we generated charts of the pricing per square foot over the last ten years for each of those complexes individually. Increases during the market run up from 2002 to 2006 were quite apparent as were decreases in the 2007 to 2010 time frame. Pricing since 2010, however, appeared to be relatively stable in all five cases. While this wasn’t a scientific nor exhaustive study, it is consistent with our currently low inventory (down about 12%) and our rising sales volumes. If you would like to see the trend for the complex where you own or have interest, drop me an email and I will send you a custom