Summit County real estate sales took another substantial sequential decline in January following its normal seasonal pattern. Transaction volume in January fell 43.4 percent to 160 sales. Dollar volume was off a similar 45.0 percent. Despite those sharp sequential declines year over year comparisons were still quite strong due to last year’s slow start. Transaction volume was up 19.4 percent and dollar volume 31.5 percent on a year over year basis.
The sales mix in January was not as heavily weighted as we have seen in recent months towards the high end. While sales below $400,000 continued at well below historical levels, it was the mid market of $700,000—$1 million that showed the strongest relative performance. This segment accounted for 32.3 percent of all sales for the month.
Single Family ASPs up big
Average selling prices (ASPs) in the month showed substantial swings from the year to date numbers for all of 2020. The ASP for a single family home in the month was up 18.8 percent from a year ago at $1,281,004. However, that figure was down 7.6 percent from the full year 2020 number. The multi-family ASP in January was $686,459, a 9.1 percent increase versus January 2020 and a 13.2 percent gain versus the multi family ASP for all of last year. Given this is only one month of data, we should not put too much stock into this numbers at this time.
Inventories Remain Historically Low
Inventories in the month of February continued their seasonal downward trend and remain well below historical levels. The total of 138 listings declined 4.8 percent from January of this year and were off 70 percent from a year ago. Single family homes for sale were off 58.2 percent from a year ago and multi-family properties were down 75.2 percent. Given the rate of sales in January, current listings reflect only 26 days of inventory. While listings are coming on to the market at nearly the rate of sales, sales are happening quicker than ever. In February, the average days on market (DOM) was 10 days, but down from 32 days a year ago.
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