SUMMIT COUNTY MARKET STATS
April 2018
As
Summit County transitions into spring, residential real estate transactions are
on the rise after a comparatively slow start to 2018. There were 131
residential transactions this month, up 7% since the previous April and up 27%
from just last month. The residential sales volume represents a corresponding
4% increase from April 2017 and 29% rise since March 31. Residential dollar
volume year-to-date totals $304,212,400 as of April 30.
Of the
131 residential transactions this month, over 15% have been luxury homes of $1
million or more and 3 properties closed over $3 million. We are beginning to
see sales prices rise in the luxury market, with the highest sale this month at
$3,999,000 illustrating a 34% increase compared to 12 months ago. Growth in
this market segment is pushing average property values higher.
With
climbing values coupled with low inventory, we are also seeing a significant
jump in the land market. There were 19 land transactions this month,
demonstrating a 90% increase compared to last April. Year- to-date land sales
are up 62% from the previous year.
However, for both residential and land, inventory is beginning to rise in anticipation of the summer sales season. As of May 1, there were 553 residential and land properties on the market, up 11% since April 1. With the uptick in inventory and the days on market 3-month moving average still low, we will hope to see both transactions and sales volume continue to grow in the summer months ahead.
