Total Sales for Summit County: While the total number of residential inventory surpassed last year’s peak in August, it has since plummeted to about 1,200 properties for sale. Sales have been strong but now properties are being pulled from the market to be put in the rental pool. If you memorized my last newsletter (ha-ha!) you will see very similar numbers.
The number of Summit County residential sales is still up 7% for January through October 2014 over the same months in 2013. Average prices for 2014 are up 4% from the average price of residential sales in all of 2013. The average days on market for all sales is down to only 222 days. October is the best month for the number of transactions in 2014 so far, with 207 solds county wide. Over all, we are looking pretty stable without a lot of change.
Single Family Sales: The number of Single Family home sales for January through October 2014 is only down 3% over the same months in 2013. The average sales price has risen 7% in 2014 year to date over the average price of Single Family homes in all of 2013. The average days on market for Single Family homes is down to 235 days.
Condo and Multi Family Sales: Condo/ Multi Family sales for January through October 2014 are up 12% over the same months in 2013. The average sales price is up 6% year to date in 2014 over the average Condo price in all of 2013. The average days on market for Condo/ Multi Family sales is down to 218 days.