The lack of inventory finally took its toll on Summit County Real Estate sales in December. Overall transaction volume fell 28.2 percent to 283 sales while dollar volume was off 33.3 percent at $236.6 million. Both represented the lowest figures since July.
Despite the sharp sequential decline, the year over year comparisons were still up smartly. Transaction volume in the month rose 23 percent while dollar volume was up 30 percent.
The full year had similarly impressive gains despite the slow start to the year. For the 12 months of 2020, transaction volume was up 15% with a total of 2,800 sales, an all time record for the County. Dollar volume was up an even more impressive 22 percent to $2.3 billion. That too was an all time record.
Year to date average selling prices for both single family and multi family units edged up from November . For much of the year single family prices had been underperforming multi family. But, with a strong finish to the year, the single family ASP for 2020 rose 9.8 percent to $1,386,525 while the multi family ASP increased 8.3 percent to $606,487.
From a price point perspective the year closed much as it had tracked all year long. Low end sales as a percent of the total were well below their historical norms while higher end properties outperformed. For the full year, properties over $1.0 million accounted for 30 percent of all sales. In 2019 that figure was 24 percent and in 2015 it was only 4 percent.
Overall inventories again took a hit in January but there was some sequential improvement in the single family market. For the year, single family listings in the County were off 37.7 percent although they were up 10 percent from the prior month. Multi family homes for sale fell 80 percent versus a year ago and were off 30 percent from the prior month with only 59 listings. There were a total of 145 listing, down 68.8 YOY and down 80% from their peak of 700 in May.
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