News
SUMMIT COUNTY — The national downturn in real estate demand is at least in part reaching the Summit County market, as the number of local real estate transactions in September was down 23 percent vs. September 2006, and the total money involved in real estate sales for the month was down 32 percent compared to last September.
But while the number of sales may be down, the price of Summit County real estate has exploded so far in 2007. For the year to date, there have been 2,388 transactions totaling more than $1.1 billion in volume. In 2006 through September, there were more transactions — 2,612 — but only a fraction of the volume, at around $154 million.
Brooke Roberts, director of sales and marketing for Land Title Guarantee Company, which compiles these Summit County real estate statistics each month, said the area price boom is due to simple supply and demand. As undeveloped property grows more scarce in the county, more people are buying and improving existing homes, which comes at a heftier price.
Breckenridge and Keystone led the way in the percent of September transactions, at 24 and 16 percent of the 301 total transactions respectively. Breckenridge also accounted for the largest slice of volume, at 30.25 percent, though the town average of $718,782 per transaction was topped by a few other areas in the county.
The average Summit County real estate transaction price for September was $560,481 the higest that mark has been since December 2006.
Land Title Guarantee Company's statistics are compiled from recorded transactions at the county Clerk and Recorder's Office, and do not include time share interests.
But while the number of sales may be down, the price of Summit County real estate has exploded so far in 2007. For the year to date, there have been 2,388 transactions totaling more than $1.1 billion in volume. In 2006 through September, there were more transactions — 2,612 — but only a fraction of the volume, at around $154 million.
Brooke Roberts, director of sales and marketing for Land Title Guarantee Company, which compiles these Summit County real estate statistics each month, said the area price boom is due to simple supply and demand. As undeveloped property grows more scarce in the county, more people are buying and improving existing homes, which comes at a heftier price.
Breckenridge and Keystone led the way in the percent of September transactions, at 24 and 16 percent of the 301 total transactions respectively. Breckenridge also accounted for the largest slice of volume, at 30.25 percent, though the town average of $718,782 per transaction was topped by a few other areas in the county.
The average Summit County real estate transaction price for September was $560,481 the higest that mark has been since December 2006.
Land Title Guarantee Company's statistics are compiled from recorded transactions at the county Clerk and Recorder's Office, and do not include time share interests.
