SUMMIT COUNTY MARKET STATS
December 2016 Review
There were 125 closings of residential properties in December, amounting to $86.6 million in sales volume. Compared to last December, transactions were down 26% and volume fell just 4%. Although December sales lagged, Summit County residential sales volume is up 6% year-to-date, totaling $1.077 billion at the close of 2016. The number of transactions in 2016 fell slightly (1%) to 1,796 residential transactions.
The increase in sales volume compared to transactions continues to push property values higher. Residential average sales price in December was $638,466, compared to $568,092 one year ago. This 13% increase may also be effected by the rising number of luxury home sales. The number of luxury homes sold for $1 million and above rose 10% in 2016, reaching 215 sales. The number of luxury home sales per year has more than doubled since 2012.
Residential price per square foot rose 7% since last year to $389 per foot. Residential sold price versus list price has climbed greatly in the past 5 years, currently averaging 98%. On average, residential properties are selling in 71 days.
Restricted inventory is certainly a factor in these changes, and availability of properties for sale continues on a downward trend. January 1, 2017 inventory is down 23% from one year ago. Currently there are 317 residential properties and 234 vacant land listings for sale, totaling 551 active listings.
No comments:
Post a Comment