SUMMIT COUNTY MARKET STATS
January 2017
2017 real estate sales are off to a booming start. In
January, Summit County real estate transactions and sales volume totals were
well above average. There were 109 residential transactions amounting to $78
million in sales. This represents a 45% increase in the number of transactions,
and an 83% increase in sales volume.
Contributing to the drastic increase in sales volume was the
number of high-end sales over $1 million. In January, 22 properties sold for
over $1 million, compared to just 7 luxury sales in January 2016. The growing
number of luxury home sales is also pushing average sales price higher. The
three month average of residential sales price rose 19% compared to last
January’s average, reaching $675,960. Average price per square foot is up 12%
from 12 months ago, to $409 per foot.
The average days on market for residential properties has
decreased dramatically since last year, with the three-month average resting at
77 days on market. This is down 54% from last January when the average was 167
days on market. Across Summit County, residential properties are selling for an
average of 97% of list price.
The active inventory as of February 1 is 579 properties,
accounting for 342 residential properties and 237 homesites. Inventory is down
23% from one year ago, and is down over 60% from 5 years ago.
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