Land sales began a sharp recovery in 2012, ending the year with 42 percent more sales at prices that were 14 percent higher. This was helped by an incredible August when prices averaged $650,000 with three sales over $1 million and a great October with 19 sales. Land has been the hardest-hit market segment since 2009, and its recovery is evidence that the Summit County market is returning to health.
The total inventory is still less than last year's sales. There are 332 lots for sale, a three-year supply remains.
411 ... average days on market for land in 2012
88 percent ... avg. land listed-to-sold price in 2012
8 ... lots sold for over $1 million in 2012
Chuck Leathers is the broker/owner of Chuck Leathers Real Estate Co. He can be reached at (888) 485-2300 or email him at ChuckLeathers@Realtor.com.