While the snow guns are firing up the Summit County housing market is cooling down. September real estate sales dropped in both dollars and number of transaxtions. Dollar volume in the month was off 3.4 percent from August while transaction volume fell 7.7 percent. Sequential declines at this time of the year are not unusual but the year over year drops where more disconcerting. Versus a September year ago, dollar sales are off 33.8 percent and the number of transactions has fallen 35 percent. Year to date, total dollar volume is now off 19 percent and transaction volume down 35%
Despite the dramatic decline in sales activity, average selling prices (ASPs) have held steady on a sequential month basis and are still up dramatically year over year. The year to date ASP for single family homes at the end of September was $2,099,375 flat with August but up 26.1 percent from this time last year. For multi-family units the year to date ASP was $915,341 up slightly from August and an in crease of 19.1 percent from a year ago.
Despite the drop in sales activity active listings at the end of October also declined. Single family homes for sales were off 18.8 percent from the end of September. Multi-family listings were down 16.1 percent in the same period.
Despite those declines, inventories are still sharply above the year ago levels. Single family listings are up 74 percent while multi family propereties for sale have risen 286 percent. Overall active listings are up 159 percent.
Those increases are clearly a reflection of the weaker overall market as the number of new listings is down significantly. In October 2020 there where 305 new listings. That number fell to 228 in October 2021 and only 187 in October of 2022.
At the same time, the average days on market has increased sharply in recent months. In June the average days on market was 5. By October that number had increased to 42 days.
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