First six months sees 23% increase in Summit County real estate activity

Although we saw a seasonal dip in June, year over year comparisons continue to show very strong gains. June closings rose 28 percent versus a year ago to 140 versus 109. Dollar volume increased 17 percent to $61.2 million. Both these numbers were down from May which saw 158 closings and $81.0 million in dollar volume. That decline is typical, however, as June sales generally reflect contracts signed during the April/May “shoulder” season when area visitation is at a low.
For the six months ended June, transactions increased 23 percent to 750 while dollar volume was up 18 percent to $347.3 million. In the first half of 2012, transaction volume was up a far more modest 3 percent. Transactions have now been on an upward trend for nine straight months, eight of which posted double digit gains.
While there were no residential sales for more than $2 million in June ( versus eight in the first five months) sales in the $1-1.5 million range were strong with 10 transactions, doubling the monthly average of the prior 5 months. Overall, the $200,000 to $400,000 range showed the strongest action with 45 transaction or 41 percent of the residential transactions.
Average selling prices for the month were generally in line with those of the first five months. At mid-year, the average selling price of a single family home was $770,123, up 8 percent from this time a year ago but only up a more modest 1 percent for all of last year. Multi –family average selling prices have actually declined, 8 percent from June 2012 and 4 percent from the end of last year. Sales of raw land have picked up some from a year ago with 51 transactions in the first six months versus 45 last year. Average prices are up from mid year last year but down slightly from year end at $306,257.

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