June was a tough month for Summit County Real Estate sales as both transactions and dollar volume experienced sharp declines from the June 2018 levels. The number of residential sales declined 28.1 percent from a year ago and were off 19.5 percent from May with 179 total sales. Dollar volume took a similar hit falling 27.3 percent from a year ago and 21.2 percent from the prior month. Sales for the month totaled $125.2 million.
For the year to date, dollar volume is still in the black. Through June, dollar sales have totaled $757.7 million up 5 percent from the first six months of 2018. Transaction volume for the period, however, is in negative territory declining 10% to 972 sales.
Despite the sharp drop in activity, average selling prices (ASPs) continued to rise. The ASP for a single family home in the county reached $1,319,418 up $9,000 from May and more than 23 percent from a year ago. For multi-family units the increase in ASP was more modest. At $549,387, the figure was up just under $1,000 from May and represented an 8.2 percent gain over the level at this time last year.
For the month, there was no discernible bias in the sales mix. However for the year to date, we still see the lower end of the market running well below historical norms. For example, so far this year, sales under $500,000 have accounted for 34.8 percent of total sales in the county. In 2018 that figure was 37.2 percent and in 2015 it was 70 percent.
Inventories rose sharply in June, increasing 14 percent overall from May. Year over year, total listings are up 44.5 percent. Single family listings, which as of June had been flat, are now up 12 percent year over year. The rise in multi-family listings, however, is even more striking. The inventory of condos, town homes and duplexes is up an astounding 76 percent from the levels of a year ago. This category has certainly become a buyers market.
