The Summit County real estate market continues to exhibit Jeckell and Hyde tendencies. Once again while we saw year over year gains in dollar volume, the number of sales once again declined. For February, sales totaled $104.7 million, a 17 percent increase versus February of 2018. January had seen a 30 percent increase in dollar volume. There were 132 sales in the most recent period which like January was off 5% from the prior year.
Notably, both dollars and number of transaction fell January to February of 2019. Dollar sales were down 8 percent and transactions off 4.4 percent. Year to date compared to last year, dollars are up 23 percent and transaction down 5 percent.
Year to date average selling prices (ASPs) for single family properties posted a strong rise versus all comparisons. The figure of $1,339,170 was up 7.9 percent from January this year, up 17.6 percent versus the year ago figure and up 17.2 percent over the average for all of 2018. Multi– family pricing did not fare as well falling 3.3 percent from a year ago.
The sales mix in February favored the lower end and very high end of the market. Properties in the $200,000—$700,000 range trended higher than 2018 in their share of overall sales. Properties in the $700,000- $2 million fell short of their normal share while properties over two million ran ahead of last year. However, given the low level of sales, 8 in February, their relative share can change substantially with 1 or 2 more or less sales in any given month.
Inventory has started its seasonal climb, especially in multi-family properties. Active multi-family listings rose 17.3 percent the end of March versus February. Single family listings rose a more modest, 4.1 percent. On a year-over-year basis, single family listingsare up 15.3 percent and multi-family properties have risen 11.8 percent.