January shows strong start for Summit County real estate.

2017 real estate sales in Summit County got off to a strong start in January, especially at the higher end of the market. Transaction volume rose 11 percent versus the year ago month to 138 sales. Dollar volume increased a very impressive 45 percent year over year to $91.9 million. That is the highest January dollar volume on record.
The significant difference between the dollar increase and the transaction gain is explained by a a significant shift in the sales mix. Sales under the $1 million price point represented only 79.6 percent of sales versus 89.2 percent for all of last year while sales over $1 million increased from 11.8 percent to 20.4 percent. In January 2016 there were 9 sales over $1 million while the 2017 months saw 23 sales including 12 in the $1.0 -$1.5 million range.
Average selling prices (ASPs) in January rose considerably over both the year ago month and the full year 2016 average. The ASP for a single family home was $1,139,945 up 30% from last year and 22% from the 2016 average. Multi-family ASPs were also up, though more modestly. The ASP for a multi-family home hit $449,231 up about 10% from both the January 2016 level and full year average. Of course, a single month does not a year make so it would be premature to read any significance into this