As the Summit County real estate market is moving into the summer selling season, sales activity is on the rise.
In May, 144 properties sold totaling $84.2 million in closed volume. Both transactions and volume for May reached their highest levels in the past 9 years.
Alternatively, inventory is at the lowest level in 9 years. As of June 1, 829 active residential and land properties were on the market.
Of the 536 residential sales in 2016 so far, 60 were of luxury homes of $1 million or more. The number of luxury transactions up 5% since last year. Sold residential volume year-to-date is up 11% over 2015, totaling $327 million.
Price indicators are more than 10% above where they were 12 months ago. The three-month moving average of residential price per square foot is $377, compared to $337 last May, and the average sales price is $627,985, compared to $567,229 last May. On average, residential properties are selling for 97% list price and average days to sell is 156.
For more information on how the market is performing, please contact your Slifer Smith & Frampton Broker.