November Real Estate Back In The Red

While October saw substantial sales in both dollar and transaction volume, November Summit County real estate sales dropped substantially both month to month and year over year. In November, there were a total of 230 sales down 14 percent from the year ago figure and off 29 percent from the prior month. Dollar volume declined 18 percent from last year coming in at $151.9 million. That was also a 29 percent decline from October.
Even so, year to date figures are still in positive territory. There have been a total of 2,377 transaction through November up 4 percent from 2,283 a year ago. Those transactions have totaled $1.506 billion, a year-over-year gain of 17 percent
As the dichotomy between transactions and dollars implies, prices have been on the rise. Year to date the average selling price (ASP) of a single family home in the county has been $1,084,991 up 17.7 percent from the figure a year ago. The multi-family ASP comes in at $470,841 a 15.6 percent rise from a year ago.
Not only are prices impacting higher dollar volume but mix is as well. Year-to-date, every price point above $700,000 is accounting for a higher percentage of sales than they did for all of last year. Conversely most price points at the lower end are running behind their 2016 levels. This is particularly true for sales under $300,000. In 2016 those sales accounted for 26.5 percent of all transactions. This year , the number is 16.8 percent and in November it was only 9.5 percent.
Inventory is playing a role in the change of mix. At the end of November only 7 of 328 active listings were priced below $300,00 The average listing price for all properties was $1,471,531