March 2017 Market Update
March proved to be a busy month for Summit County real estate with average prices on the rise and an notable 43% increase in monetary volume when compared to March of 2016. Here are some other highlights.
- Market Analysis by Area for March 2017: There were 178 transactions and $123,142,000 in monetary volume. Some trends for all 18 reported areas in March: $713,812- Average transaction price, $753,769- Average residential price and $418-average price/square foot
- Year to Date Market Analysis (3 months): Monetary volume in 2017 is at $286,195,674 with 432 transactions. The average transaction price was $666,273, with the average residential price at $704,599 and an average price/square foot of $423.
- Market Snapshot for Years 2017 vs 2016: Average Indicators for $: Single Family +30%, Multi- Family +10% and Vacant Land +14%. Median Indicators for $: Single Family +45%, Multi- Family +7% and Vacant Land +16%.
- Market Analysis % Change YTD 2017: Monetary volume ($123,142,000) in March 2017 was 43% higher than March 2016. Transactions were also up at 31% from March 2016. YTD 2017, monetary volume is up by 32% and transactions are up 12% compared to YTD 2016.
- Residential Market Sales by Price Point: Residential volume in March had 137 transactions with $103,266,300 gross volume. There were 33 properties that sold for $1M and above in March. The most active price point was between $300K-400K with 22 transactions. There were 46 Single Family, 91 Multi-Family and 13 Vacant Land transactions in March.
- Average Price History by Type 2017: The average price for residential Single Family: $1,213,507, Multi- Family: $449,052 and Vacant Land: $403,524.
- Comparative Historical Cost Analysis 2017 YTD: There were 350 residential transactions and $246,609,560 gross $ volume with 70 properties selling for a $1M and over-compared to 2016, there were 323 transactions and $189,216,250 $ gross volume, 33 properties at $1M and over. In 2015, there were 298 transactions with $159,956,800 $ gross volume, 28 properties at $1M and over.
Comments