August Rebounds – Maybe

After a weaker July, Summit County real estate activity rebounded sharply in August. Total transaction volume rose 17% over August of 2017 with 319 total sales. Dollar volume rose an even more substantial 38 percent to $235.7 million, the highest monthly figure for the year. These figures are derived from the Summit County Clerk and Recorders office and reflect sales of all types. Some substantial commercial and land sales seem to have boosted the numbers somewhat.
Interestingly, a look at residential sales as reflected by the Summit County Realtors MLS system shows a different picture. Residential sales in the month by its accounting were up a mere 3.5 percent in dollars and actually down 13 percent in transactions. Activity does seem to be slowing. With showings in August down 24 percent.
As has been the case for most of the year, the higher end of the market is outperforming the lower end. While sales under $800,000 represent a larger share of the overall market at 57.6 and of total sales for both August and year to date, that is 9 points below its share at this point last year.
As the higher priced properties pick up share, they push average selling prices as well. At $1,129,643 the year to date average selling price for single family homes were up 3 percent from a year ago and up 1.5 percent from year end 2017. Multi-Family home prices rose 12.4 percent year over year to $517,964.
Inventories have started their seasonal decline. However, the 2018 month to month decline was far less substantial than a year ago. As a result, inventory was 5 percent ahead of last year. That gain combines a 2 percent increase in single family homes and a 9 percent gain in multi-family properties.