Summit County residential sales volume reached the $1 billion mark this December for the first time since 2007. With $1.02 billion in residential real estate sales in 2015, sales volume is up 22% over the previous year. In comparison, the number of residential transactions was up by less (13%) pushing the average sales price higher. The average price of a residential property is currently $568,082, up approximately $50,000 from the December 2014 average. Residential price per square foot rose 7% since last year to $363.
One factor of the increase in average sales price can likely be attributed to the growing number of luxury market transactions ($1 million & up). In 2015, there were 196 sales of residential properties over $1 million. The amount of luxury market sales is up 36% from last year, and has nearly doubled since 2011. Residential sold price versus list price has climbed greatly in the past 5 years, currently averaging 97%.
There were 146 vacant land sales in 2015, a 10% increase over 2014. Inventory of properties for sale continues on a downward trend. Currently there are 460 residential properties and 252 vacant land listings for sale, marking an 8 year low in inventory.
Interested in learning more about market stats in your area? Feel free to contact your SSF broker or search for a knowledgeable broker on our broker webpage.