Dollar volume for Summit County real estate activity picked up in October versus September but transactions were down. Both categories fell short of October last year. Dollar sales for the month totaled $182.7 million vs $161.9 million in September but were down 13.5 percent from a year ago.
In October this year there were 236 transactions, down from 259 in September and off 27% from the 2017 period.
The year-to-date dollar sales are still in positive territory rising 7 percent to $1.45 billion. The weak October transaction numbers, however, pushed the year-to-date transaction comparison into the red with a 2 percent decline to 2,102 sales.
Average selling prices for single family homes have held fairly steady through the year falling in the $1.1-1.2 million range. At the end of October, the figure stood at $1,137,501, up 4.6 percent from the figure for all of 2017. Multi-family properties have fared a little better rising 9.5 percent from the 2017 level. However most of those gains were realized in the first two months of the year. Since then, ASPs for multi-family properties have been flat to down.
As has been the case for most the year, dollar volume has outperformed transactions due more to a change in mix rather than substantial price gains for individual properties. Year-to-date, properties under $400,000 have accounted for only 25% of sales (they were 21% in October) and that compares to 33 percent in 2017 and 42 percent in 2016.
While inventory is experiencing its normal seasonal decline, the fall off is nowhere near as sharp as last year. As a result, total inventory is up 20.7 percent from a year ago led by 25 percent increase in multi-family units and 15% rise in single family homes. Properties under $400,000 represent less than 10% of the inventory compared to the previously mentioned 25% of sales.