Steady Seasonal Improvement in Summit County Real Estate

As is normally the case, sales activities have seen small but steady increases from the typical low point in January. April transaction volume stepped up to 155 sales from 136 in March, an increase of 14%. The year over year increase was a far more modest 1%. Dollar volume in April rose to 89.0 million versus $86.3 million in the prior month. That dollar volume, however, was down from the $92.4 million of a year ago. Helped by the very strong February results, year to date transactions are up 1% to 541 while dollar sales have increased 5% to $305.6 million. While these are solid numbers, something is going to have to change if we are going to match the overall gains of last year when unit volume rose 18% and dollar volume was up 28%.
One statistic that has shown strong growth so far this year is the average selling price for single family homes. That figure was $855,925 for all of last year. So far this year, the number stands at $951,609. Pricing at the high end of the market appears to be particularly strong.
Multi-family housing has not seen the same kind of gains. For all of 2015, the average selling price of a multi-family property was $399,232. So far this year, the number stands at $394,000.
So far this year, the buyer profile has skewed a little more towards the local buyer with 31% of buyers coming from Summit County. Front range buyers represented 37% and out of state were 33% including 1% international. For all of 2015, local buyers were 25% of all sales.

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