April Summit County real estate sales softened modestly from the levels of March. However, they showed spectacular gains versus the COVID depressed results of last year. From March to April, the number of transactions fell 11.2 percent to 231 closed sales. Those sales, however, were up 151 percent from April of 2020. Dollar volume declined a more modest 3.9 percent and were up 242 percent from a year ago.
Year to date, number of sales is up 65 percent and the dollar volume up 91 percent from this time last year. We would expect similar year over year gains over the next month or two but as the year progresses the comparisons will get more difficult.
Selling Prices On The Rise
Year to date average selling prices ticked up on a sequential month basis for both single family and multi-family properties. As of the end of April, the average single family sale was $1,586,128 up 30.9 percent from this time last year and 14.4 from the full year 2020 figure. The average multi-family price rose to $676,626 a 6.1 percent and 6.9 percent increase versus a year ago and full year 2020 respectively
On a price point basis the lower end once again substantially underperformed. The standout in the month, however was the $1.0-1.5 million segment. Recently, that spectrum of the market had also been under performing versus the historical norm. However, in April, sales in this segment were quite strong representing 19 percent of all sales versus under 15 percent in the prior three months combined.
Inventories Make Modest Sequential Gains
Inventories once again made a modest sequential gain rising 16.9 percent from the end of April to the end of May. Single family listings were up 19.4 percent to 80 and multi-family was up 14.7 percent to 86. Both categories, however, were well below last year which itself was well below historical averages. YOY single family listings are down 60.6 percent while multi-family are off 74.9 percent. The low inventories are not because people aren’t selling. Its just homes sell so fast they don’t stay in inventory long.
