Summit County Real Estate sales post modest gains.

Summit County real estate sales showed modest gains in both dollars and transactions in the month of October. For the month, transaction volume increased 5% versus a year ago to 252 sales. Dollar sales increased 6% reaching $117.5 million.
Year-to-date, transaction volume is up 4% to 1,665 while dollar volume is up 7% to $789.8 million.
While earlier in the year we had seen strengthening in the higher end of the market, October saw relatively strong transaction volume at the lower end of the market. Sales under $400,000 accounted for 57.1% of all transactions in October, well above the 49.4% of such transactions represented in the first nine months of the year. The market range of $400,000 to $2 million was below the year’s pace accounting for 41.1% of sales versus 49.3 percent through September. In fact every $100,000 price point increment in the $400-$1 million range was down (as a percent of the total) except for the $700,000—$800,000 range which increased to 6.5% of sales versus 4.7% earlier in the year.
There was some improvement in the very high end with three sales in the $2.0-2.5 million range and one in the $2.5 -$ 3.0 million range. This helped the year to date average selling price for single family homes to rise to $783,532 versus $774,644 through September. That price also compares favorably to the $757,052 at this point last year and $751, 240 at year end 2013.
Multi-family average selling prices at $360,005 were essentially flat with the September level but were up 5% from this time a year ago and up 4% from December of 2013.
Overall, per square foot average selling prices in the County are up 4% with nearly all areas of the county participating in the rise.

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