3 Minute Market Summary – August 2015

Kate Marrone Market Stats, Monthly Newsletters Leave a Comment

Sales Strong & Under Contract Activity is Soaring!

Sales continue to be brisk and, as shown in the video above, are up about 15%. Under contract activity is soaring to the tune of +31% over this time last year! And prices, well the video separates sales and prices by town where sales are up across the county and prices are up in all but one town. 

Inventory is down: As of the first week of August the current number of residential properties being offered for sale in Summit County has continued to drop and is now down -28%. 

Luxury Market Update ($1,000,000 plus residential properties): Today there are 266 residential properties for sale in the $1,000,000 plus range with 57% of those properties ‘for sale’ being located in the South Side of the County and 43% being located in the North Side. Actual Luxury sales through August 4th are up 22% with 80% of those sales being in the South Side of the County and 20% in the North Side. Interesting that in 2014 81% of the Luxury sales occurred in the South Side of the County with 19% occurring in the North Side.

The average sold price of those Luxury sales this year is at $1,662,651; which is up about 6.2% over the 2014 Luxury average sold price. You will notice in the video above that the average sold price improvement for all residential sales in Summit County this year isn’t too far off from the Luxury improvement.

SUMMIT COUNTY REAL ESTATE STATISTICS:

  • Residential # of Sales UP 18%
  • Residential Avg Sale Price UP 6%
  • Vacant Land # of Sales UP 60%!!!!
  • Vacant Land Avg Sale Price UP 7%
  • Demand is HIGH, Supply is LOW
  • August & Sept are PRIME TIME – your best opportunity to buy/sell this year!

Click here to see the entire newsletter: August 2015 eNewsletter