January Market Insider

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 1^st 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.