June Real Estate Sees Solid Gains

Summit County real estate activity posted solid gains in the month of June. Transaction volume for the period increased 6 percent to 249 sales, the highest level for the year. Dollar volume showed an even more impressive gain of 27 percent reaching $172.3 million. That also was the highest figure for the year and greater than any month in 2017. New developments, such as Maryland Creek Ranch, Smith Ranch, The Alders and the West Hills deed restricted townhomes were significant contributors to the gains with 15 transactions totally $14.5 million.
Year to date, transactions are up 2 percent versus a year ago with 1,077 sales. Dollar volume is up a more impressive 9 percent totaling $720.4 million.
Year to date average selling prices (ASPs) ticked down in June versus May for both single family and multi-family properties. The ASP for single family homes was $1,066,151 versus $1,094,437 in June. That represents about a 4% decline versus the YTD figure for 2017. The multi-family ASP dipped $4,000 from May to $509,269. That figure, however, is 10.4 percent ahead of the year ago number.
Sales mix continues to favor the middle of the market. Properties below $300,000 represented only 11.2 percent of sales in June and 13.7 percent year to date. For all of 2017 those properties accounted for over 28 percent of all sales. At the high end, June saw only 1 sale (.5 percent of transactions) over $2.5 million. In all of 2017 there were 34 transactions over the $2.5 million mark accounting for about 1.6% of all sales.
Inventories edged up in July, though modestly and have probably reached their peak for the year. Nevertheless, total inventory is down 6.7 percent from a year ago. Multi-family homes for sale are off 3.2 percent while single family listings are down 10.1 percent.