Market Trends by Month
A comparison of activity in the local real estate market, compiled by Slifer Smith & Frampton Real Estate with data from the Summit Association Realtors Multiple Listings Service. Updated monthly, Summit County Market Stats data includes monthly averages over the past 10 years for residential transactions, sales price, price per square foot, days on market and more.
Most Recent Summit County Market Stats
As Summit County transitions into spring, residential real estate transactions are on the rise, with residential transactions up 15% year-to-date as of April 30th. There were 130 residential transactions this month, just slightly surpassing last April’s sales. Residential sales volume for 2017 year-to-date is $334 Million, which is up 37% over the same period last year.
Of the 452 residential sales this year, over 20% have been have been luxury homes of $1 million or more. Luxury transactions have seen significant growth, up 109% over 2016 and totaling 98 sales so far. Growth in this market segment is pushing average values higher.
The three-month average sales price for a residential property is currently $739,320 which jumped 17% over last April’s average of $631,569. Price per square foot is up 13% over last April’s three-month average to $430 per foot. On average, residential properties are selling for 98% of list price and number of days to sell has decreased by 49% since last April.
Inventory is beginning to climb in anticipation of the summer sales season. As of May 1, there we 620 residential and land properties on the market, up from 561 on April 1st. During April, 237 properties were brought on the market, of which 69 were pending and 10 were sold by the end of the month. Although many new properties were introduced, inventory is down 20% from 12 months ago.