Summit County Real Estate Sales Volume Up But Dollars Fall

Summit County real estate transaction volume in August posted a 6 percent gain over a year ago but dollar volume failed to keep pace. In the month there were 282 sales versus 267 a year ago and 215 in July of 2016. Dollar volume at $139.2 million was up from July but was off 2 percent from the year ago level. August marks the 6th month this year and 5th in a row with negative year over year dollar comparisons. Year to date, both dollar and transaction volume are in the red. The former down 3 percent and the later off 1 percent.
The $200,000-300,000 price range remains the hot spot in the market accounting for 53 sales and 23.2 percent of all residential transactions. In 2015 this price range accounted for 19 percent of sales.
Single family average selling prices which ticked up in July to $941,735 slipped back to the $935,883 in August but that still was 9.5 percent ahead of a year ago. Multi-family ASPs increased $700 from July to $387,566 but stand below the year ago $393,593 figure. We attribute that decline to the high volume at the very low end of the market rather than a softening in prices.
Inventories saw a seasonal expansion in late spring and earlier summer but only reached 80% of the levels of a year ago. The last two months have seen inventories back on the decline. The low inventories are particularly acute in the Frisco market and in the lower end properties which are often selling within days of listing at ever increasing prices.