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Transactions are on pace to decline for a second consecutive year. Price, however, continues to increase, albeit at a slower rate than from 2006-2007. These figures do not reflect September, which is usually the highest-volume month. Overall, Summit County retains a strong housing market despite the national economic crisis.
Here are some August highlights from the real estate world:
- August 2008 has the highest transaction activity that Summit County has seen all year.
- The August Gross Residential Volume (new construction and resales) average prices for single family, mulit-family and vacant land continue to surpass the entire years of 2006 and 2007 average prices.
- The Market Analysis by Area YTD eight months reflects an average transaction price for all 19 areas of $563,291 and last August YTD eight months it was $365,500.
- The month of August 2008 shows a 50% decrease from the month of August 2007 in monetary volume. The month of August 2008 indicates a 49% decrease in number of transactions compared to the month of August 2007. However, month to date (eight months of 2008) monetary volume shows a 31% decrease (8 months in 2007). We are showing a 40% decrease (eight months to date) in 2008 with number of transactions in 2007 (8 months to date in 2007).
-103 Residential Improved Units sold for $1 million and over in 2008 (eight months) and 124 Residential Improved Units sold for $1M and over in 2007 (8 months)- The Percentage Gross figures are very similar for both years with $1M and over transactions in Summit County YTD.
-100% Cash transactions in Summit County continue to be very steady — 39% of real estate closings were cash transactions at the time of closing in August 2008.
Information provided by Land Title Guarantee Company.
Here are some August highlights from the real estate world:
- August 2008 has the highest transaction activity that Summit County has seen all year.
- The August Gross Residential Volume (new construction and resales) average prices for single family, mulit-family and vacant land continue to surpass the entire years of 2006 and 2007 average prices.
- The Market Analysis by Area YTD eight months reflects an average transaction price for all 19 areas of $563,291 and last August YTD eight months it was $365,500.
- The month of August 2008 shows a 50% decrease from the month of August 2007 in monetary volume. The month of August 2008 indicates a 49% decrease in number of transactions compared to the month of August 2007. However, month to date (eight months of 2008) monetary volume shows a 31% decrease (8 months in 2007). We are showing a 40% decrease (eight months to date) in 2008 with number of transactions in 2007 (8 months to date in 2007).
-103 Residential Improved Units sold for $1 million and over in 2008 (eight months) and 124 Residential Improved Units sold for $1M and over in 2007 (8 months)- The Percentage Gross figures are very similar for both years with $1M and over transactions in Summit County YTD.
-100% Cash transactions in Summit County continue to be very steady — 39% of real estate closings were cash transactions at the time of closing in August 2008.
Information provided by Land Title Guarantee Company.
Year-to-Date 2008: Gross Residential Price Index
Number Trans. Average Price
Single Family 327 $833,732
Multi Family 671 430,449
Vacant Land 113 491,088
Full Year 2007:
Number Trans. Average Price
Single Family 801 $798,889
Multi Family 1,779 406,529
Vacant Land 334 391,587
Full Year 2006
Number Trans. Average Price
Single Family 874 $737,253
Multi Family 1,978 333,501
Vacant Land 447 311,951
Information provided by Land Title Guarantee Company. Call Land Title at (970) 453-2255. Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate.
Number Trans. Average Price
Single Family 327 $833,732
Multi Family 671 430,449
Vacant Land 113 491,088
Full Year 2007:
Number Trans. Average Price
Single Family 801 $798,889
Multi Family 1,779 406,529
Vacant Land 334 391,587
Full Year 2006
Number Trans. Average Price
Single Family 874 $737,253
Multi Family 1,978 333,501
Vacant Land 447 311,951
Information provided by Land Title Guarantee Company. Call Land Title at (970) 453-2255. Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate.
