In November Summit County real estate sales saw a gain in transaction volume versus a year ago for the second month in a row. The pattern for most of the year has shown positive comparisons on a dollar basis but a decline in the number of transactions. For November, dollar sales increased 10 percent over the 2018 level to $168.6 million. That figure, however, was down 15 percent from the prior month. Transaction volume, with 231 sales, increased 2 percent versus a year ago but was down 19 percent from October.
For the year to date, dollar volume is up 7 percent to $1.7 billion. Transaction volume, however is down 5% to 2,212 sales with seven of the 11 months so far showing negative comparisons.
The year to date average selling price (ASP) for single family homes in the county stood at $1,264,516, the lowest level since January of this year. Nevertheless the figure is up 11 percent from the full year 2018 number. The ASP for multi-family properties stood near the high end of this year’s range at $563,656. That represents a 9.9 percent increase over all of last year
As has been the case for much of this year, the low end of the market failed to keep its fair share of sales. Properties below $400,000 were only 18.2 percent of sales in November. That figure was 24.8 percent last year and exceeded 40 percent as recently as 2016. Outperforming segments included the $400,000-$700,000, $1.0 to 1.5 million and $2.5 million + ranges.
Following the normal seasonal pattern, inventories at the end of December fell 11.6% from the November level. Listings, however, are up 22.7 percent versus this time a year ago. Once again, multifamily properties make up more than 100 percent of the gain rising 50 percent to 312 listings. Conversely, single family homes for sale dropped 10.6 percent