Summit Count real estate sales up but at more moderate pace

Like September, Summit County real estate sales saw solid, though not spectacular , gains in the month of October. Transaction volume rose 7% to 284 sales while dollar volume increased 21% to $156.9 million. On the surface those number appear impressive but they are well behind the year-to-date gains of 18% in transactions and 30% in dollars.
Year-to-date average selling prices did not vary substantially from the prior month for any of the three major categories, single family-homes, multi-family properties and land. However, all three are up nicely versus year-end 2014 levels with single family pricing rising 9% to $857,481, multi-family up 12% to $399,825 and raw land up 18% to $375,690.
On a price point basis, the lower end of the market, i.e. sub $400,000, ran a little below the prior 9 month pace at 46.2% of the monthly volume versus 45.3% as of September. Conversely sales in the $600,000-$900,000 were up to 25.2% of the total versus 16.9% and the volume of very high-end properties, greater than $1.5 million, also was up at 4.8% of the total volume versus 4% in the prior nine months.

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