Summit County Real Estate Makes Big Jump in November

After several months of lackluster results, Summit County real estate showed a strong rebound in November in both During the month, the number of sales rose 31 percent versus a year ago to 268. That number even surpassed the 263 sales of October which is contrary to the typical trend we have seen in recent years.
Dollar volume increased an even more spectacular 86 percent year- over-year to $184.6 million and was up 23 percent from October of 2016.
For the first 10 months of the year, both dollar and transaction volume had been down 1 percent. The strong November results were able to push these numbers into positive territory for the first 11 months with a 4 percent gain in dollar volume and a 1 percent increase in transactions.
Not surprisingly given the strong dollar gains, the mix of sales skewed somewhat toward the higher end of the markets. Almost all price points about $600,000 showed a stronger performance than during the first 10 months of the year while most below $600,000 underperformed. We attribute this to the mix of existing inventory. At the end of November, there were 81 properties listed for under $600,000 versus 255 listed for over that number.
Year to date average selling prices (ASPs) also ticked up in the period. The ASP for a single family home for the year now stands at $922,163, up 7.2 percent from this time a year ago and up about $3,000 from the prior month. Multi-family ASPs reached $407,513, up $2,000 from October and about $7,400 or 1.8 percent from a year ago.
Inventories continued their downward trend. While this is the normal seasonal pattern, single family inventory (actives and pending) are off 24 percent from a year ago and multi-family listings are down 36%. Another measure showing how tight our market has become is the measure of days on market. For all properties that sold in November, the average days on market was 73. That compares to 104 days a year ago. Typically, anything below 180 days is considered a sellers’ market.