Summit County real estate sales continued their recent declines on both a sequential month and year over year basis. In November, the dollar volume of sales fell 5.3 percent from October. The number of sales was off 18.8 percent in the same period.
Year over year comparisons showed substantially higher declines. Dollar sales were off 34.5 percent and transaction volume was down 43.7 percent. Year to date, the dollar volume is down 26 percent and transaction volume off 38 percent.
Despite the substantial declines in volume, average selling prices (ASPs) in the county have remained fairly stable through the year at levels meaningfully above those of 2021. The year to date ASP for a single family home was $2,080,591, essentially flat with October but up 21.9 percent from a year ago. The ASP for a multi family property was $902,497, down slightly from October but still up 23 percent year over year.
Although the month of November was somewhat mixed the distribution of sales continued to favor the high end of the market for the first eleven months of the year. Through November every $100,000 price point below $900,000 underperformed there share of sales versus 2021. As a whole, those price points represented 43.5 percent of all sales versus 62.7 percent in 2021. Conversely sales over $2 million represented 10 percent of the transaction volume YTD versus only 7.3 percent in 2021.
Inventories followed their normal seasonal pattern in November falling 16.6 percent in total. Single family listings were off 15.6 percent while multi family properties for sale dropped 17.2 percent. Year over year, the picture is quite different. Versus the end of December last year, single family listings rose 71.7%. The multi family inventory is up 292 percent over the time frame putting total units for sale up 157 percent. Even so, inventories are still half of what we typically saw at the end of December pre-pandemic.