October posts strong rebound.

After September declines in both dollars and transactions, Summit County real estate sales rebounded strongly in October with double digit gains in both categories. Transaction volume rose 22 percent to 322 sales while dollar volume increased 43 percent to $213.3 million. Both figures represented the highest sales for any month this year. New construction was a major contributor to the gains with 33 sales totaling $27.4 millin versus 18 sales totaling $13 million in October of 2016. Those new sales were dominated by a new condo project and new single family development in Silverthorne and a workforce housing development in Breckenridge.
Year to date, transaction volume is up 7% with 2,147 sales and dollar volume has risen 23% to $1.354 billion.
Average selling prices (ASPs) once again moved up in the month. The ASP for a single family home so far this year now stands at $1,087,922 up 18.3 percent from a year ago. Multifamily properties saw their ASP rise to $464,760, up 14.5 percent from this time last year.
As a percentage of sales, the higher end of the market is taking a relatively higher share. For all of 2016, sales under $400,000 represented 42 percent of all transactions. Year to date 2017 that number has fallen to 34 percent and in October it was only 28.2 percent. We attribute that decline to rising prices and low inventories at that price point. Currently only 10 percent of Summit County active listings are priced below $400,000.
Inventories are lower than normal in the higher end of the market as well. Overall, active and pending listings are off 11 percent from a year ago including a 16.7 percent decline in single family listings. Excluding pending properties, listings are down 8.6 percent overall with a 13.2 drop in single family listings.