Summit County October Real Estate Statistics
October sales in Summit County followed what has become an all too common pattern – an increase in transaction volume but a decline in dollar sales. For the month, the number of transactions rose 5% year-over-year to 161 and were up slightly from 160 transactions in September. Dollar volume, however, dropped to $67.8 million, a 15% decline from both the $79.8 million of a year ago and similar total for September, 2011. The dichotomy in performance between the numbers and the dollars reflects two factors. First, prices continue to be under pressure as inventory, both real and shadow, is still historically high while buyers remain wary. Of even greater impact is the shift in demand toward the lower end of the market. In October 81.6% of the transactions were for less than $600,000 and only 5.1% exceeded $1 million. For the year-to-date, 74.2% of transactions were below $600,000 and 10% were above $1 million.