Thursday, May 9, 2019

Summit County Market Stats April 2019


SUMMIT COUNTY MARKET STATS
April 2019
 

The first month of the second quarter ended with 133 residential transactions, giving a grand total of 401 for the year so far. This year-to-date total is down just 4% from this time last year. However, the overall residential sales volume for the year is pacing 9% higher than last year at $331 Million.


The 3-month moving average for residential sales price has hovered around $850k for the past three months. Average days on market remains historically low, currently averaging 61 days. The list vs sold price average has maintained 98% since March of 2017.


The highest sale in Summit County was a home in the Timber Trail subdivision of Breckenridge which sold for $10,100,000, contributing to Summit County’s 91 year-to-date $1 million+ residential transactions. Going into May, there is a total of 621 active land and residential listings, a 12% increase from last year.  


The source of data used to compile this report is the Summit Association of Realtors MLS. Information is deemed reliable, but not guaranteed. Please contact your Slifer Smith & Frampton Broker for more information.

Saturday, April 6, 2019

SUMMIT COUNTY MARKET STATS March 2019

 
SUMMIT COUNTY MARKET STATS
March 2019
In the first quarter of 2019 the Summit County real estate market produced 268 residential sales totaling $224 Million. The month of March accounts for 84 of these sales, totaling $76.4 Million. In comparison to last year, the number of closed residential transactions fell 6% while sales dollar volume rose 7% in the first quarter.

 
The moving average of residential sales price for January, February and March is $864,217. At this same time last year, the average was $733,107, or 18% lower. Contributing to the growth in average sales price is the increasing number of transactions above $1 Million. There have been 62 sales in this price segment so far in 2019, reflecting a 22% rise over 2018.

 
On average, residential properties are closing at 98% of list price, and in a timeframe of approximately 67 days. April 1 available inventory in Summit County includes 594 residential and land properties, compared to 534 on March 1. Typically, available inventory increases from April through August, though the seasonal increase has been less significant in recent years. 

 
The source of data used to compile this report is the Summit Association of Realtors MLS. Information is deemed reliable, but not guaranteed. Please contact your Slifer Smith & Frampton Broker for more information.

 
 

Sunday, March 24, 2019

Summit County Market Stats February 2019


SUMMIT COUNTY MARKET STATS

February 2019

Although a shorter month, there were eight more residential transactions in February versus January of 2019, totaling over $76.5 million in sales. This is a 17% increase in residential volume compared to February of last year. Twenty-one of those transactions were over $1 million - a 50% increase from a year ago - the highest of which sold for $3,995,000 in Breckenridge.

The residential market continues to experience a healthy growth in price. The average price of a residential property in Summit County increased 13% since last February’s three-month average to $836,960. The average sold price-per-square-foot is up 6% from 12 months ago at $496/square foot.

The average cumulative days on market for residential properties has increased by 16% compared to last year; however this is 53% less than the average DOM over the past five years. As February has come to a close, Summit County continues its record-high sold vs list price percentage of 98% - a percentage it has averaged since February of 2017.

February was an active month with 228 new residential and land listings. Of those new listings, 73 are already under contract, while 41 have sold as of February 28th. The current inventory as of March 1st is 534 properties, 389 accounting for residential properties and 145 homesites. Inventory is up 8% from one year ago, and is more than half of what it was five years ago.
 
Please note: This report is intended to give the reader a general overview of the Summit County area. Statistics can vary by neighborhood and price range, so buyers and sellers are advised to look to their Slifer Smith and Frampton broker for specific information on properties of particular interest. The source of real property information used for this report is the Summit Association of Realtors MLS.

Thursday, February 21, 2019

Thursday, January 17, 2019

Wednesday, January 9, 2019

Summit County Market Stats December 2018 Review


SUMMIT COUNTY MARKET STATS

December 2018 Review

There were 123 closings of residential properties in December, amounting to $101.75 million in sales volume. Compared to last December, transactions are down 5% and residential sales volume is up 7%. Although the number of transactions year-to-date have decreased 9% compared to last year, Summit County residential sales volume is still up 1% year-to-date, totaling $1.4 billion at the close of 2018. The number of transactions in 2018 fell considerably (9%) to 1,778 residential transactions compared to a total of 1,950 transactions at the end of 2017. 

The increase in sales volume compared to transactions continues to push property values higher. Comparing the last 3 months of 2018, the average residential sales price is $783,262 increasing 5% compared to a year ago. Looking at residential average sales price per month, this December was $827,261, compared to $737,898 last December. This 12% increase may also be affected by the rising number of luxury home sales. The number of luxury homes sold for $1 million and above rose 13% in 2018, reaching 364 sales. The number of luxury home sales per year has nearly doubled since 2015.

Observing 3 month averages, the Residential price per square foot rose 7% since last year to $472 per foot. Residential sold price versus list price has remained consistent (averaging above 90%) for the last 7 years, currently averaging 98%. On average, residential properties are selling in 59 days.

Limited inventory is certainly a factor in these changes and availability of properties for sale has continued on a downward trend since 2011. However, as of January 2019 inventory is up 9% compared to last January. As of January 1st 2019 there are 523 active listings in Summit County versus 478 active listings in January of 2018. Breaking it down, there are 381 residential properties and 142 homesites for sale, totaling 523 active listings currently on the market.

Please note: This report is intended to give the reader a general overview of the Summit County area. Statistics can vary by neighborhood and price range, so buyers and sellers are advised to look to their Slifer Smith and Frampton broker for specific information on properties of particular interest. The source of real property information used for this report is the Summit Association of Realtors MLS.