After a very weak June, Summit County real estate sales rebounded in July. Transaction volume in the month rose 3 percent ahead of the year ago level. It was up 21.8 percent from the prior month with 218 sales.
As has been the case most of the year, dollar volume was even stronger. Total dollar sales rose 12 percent to $168.9 million. That figure was 34.9 percent ahead of the June 2019 period.
Despite the July gain, year to date transaction volume is still down 8 percent from the 2018 levels. Dollar volume, however, is up 6 percent year over year.
The year to date average selling price (ASP) for single family homes in the county dipped $40,00 from June coming in at $1,279,010. That still represents a gain of better than 15 percent versus a year ago. Conversely, the ASP for multi-family properties rose $9,000 to $558,995. However, that number is only 8 percent above the year ago level.
The mix of sales for July followed the pattern we have seen most of the year with the low end of the market substantially under performing. Sales below $500,000 represented only 28 percent of total transactions. Year to date that number is 33.5 percent. In 2018 that number was 37.2 percent and as recently as 2015 it was 60 percent. The low sales are not a surprise given that only 25 percent of current listings are priced below $500,000.
After several months of sharp rises, the number of listings flattened in July with a total of 764 listings versus 759 the prior month.. Year over year, single family listings are up 5 percent and represent a little more than one third of residential properties for sale. Multi-family listings, however, are up a staggering 76 percent versus a year ago. That places total listings up 41 percent. If you are thinking of buying a condo or townhome, this may be the best variety of choice you will have for quite some time.