Market Trends by Month
Two months into 2018, the Summit County real estate market is experiencing growth over last year. To date, there have been 193 residential closings totaling $145 million in sales volume. Residential transactions are up 6% and dollar volume is up 12% year-over-year. Of the 193 residential transactions in 2018 so far, 36 sales were of homes priced over $1 million. Average residential sales price in Summit County is currently $746,651, up 6% over last February’s average.
Though 322 new listings were introduced to the market since January 1st, inventory of residential and land properties remains very low. As of March 1, approximately 55% of these listings are still available, 33% are under contract and 10% are sold. Total available inventory as of March 1 is 494 listings accounting for 324 residential properties and 170 homesites. Inventory is down 14% from 12 months ago.
Please note: This report is intended to give the reader a general overview of the Summit County area. Statistics can vary by neighborhood and price range, so buyers and sellers are advised to look to their Slifer Smith and Frampton broker for specific information on properties of particular interest. The source of real property information used for this report is the Summit Association of Realtors MLS.
Data is compiled by Slifer Smith & Frampton Real Estate with data from the Summit Association Realtors MLS. Statistical information is deemed reliable but not guaranteed. Please contact your Slifer Smith & Frampton Real Estate broker for clarification or more information.