April Sees Double Digit Gains

While not quite as strong as March, Summit County real estate sales did put in a strong showing in April. Dollar volume in the month rose 28 percent year over year to $114.2 million though the number was modestly below the $123.1 million in sales seen in the prior month.
Transaction volume rose 22 percent to 189 sales. Which, unlike the dollar sales, was actually higher than March which had 178 sales. For the first four months of the year, dollar volume is up 31 percent and transaction volume up 15 percent.
Year to date average selling prices (ASPs) for single family homes slipped 6 percent from March to $1,141,417 but that figure was still up 20 percent from this time last year. Multi-family ASPs rose 2 percent from March of 2017 to $458,136 which was also 16 percent of April of 2016.
Although there was only one sale over $2 million, all price points over $800,000 (in $100,000 increments) were at a higher percentage of total sales than was seen for all of 2016. Conversely, almost all price points below $800,000 underperformed the 2016 levels.
As expected, inventories are continuing their seasonal rise. Total inventory of active and pending properties are up 44 percent from the January lows and surpassed the prior 12 month comparison for the first time this year.