2016 Year in Review: Real estate in Summit County continues on upward trend
December 28, 2016
Summit County real estate sales brought in more than $1 billion in 2016.
Condominiums are still the highest portion of real estate sales in the county. Condo sales remained consistent with last year, said Dennis Clauer, broker and owner at Real Estate of the Summit Inc.
"The discrepancies in our market this year, year-to-date, are really in the luxury market, which would be over $2 million for single-family homes," he said to the Daily earlier this month.
The average time that a luxury home spent on the market increased by 50 percent in 2016. A lack of inventory of single-family homes and condos caused those options to move through the market more quickly.
The there were 2,338 total sales through November this year, bringing in more than $1.2 billion. Last year, during the same period, saw 2,254 sales, and $1.17 billion in revenue. There were also more sales over the million-dollar mark. This year, 217 homes were sold for more than $1 million. This was 11 more sales than last year. For both years, sales over $1 million represented 9 percent of the total.
Summit County Assessor Beverly Breakstone told the Daily in October that the boost in sales followed the increasing price trend that has been happening for the past two years.
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Over the course of 2016, sales were neck and neck with last year. September, the county's biggest month, had a total of 300 sales, and more than $161 million in transactions. It was one sale short of what was done in 2015, but still squeaked ahead in revenue by a little less than $10 million. September is a bigger month for real estate because buyers become more serious in their search for a new home, said Cody Thomas, a broker associate with Paffrath and Thomas Real Estate, to the Daily in October. Homeowners will also begin lowering prices in the hopes of selling before the winter months.
Sales began to slow down in October and November, but both months still brought in more than $140 million each.
The slowest month for real estate in Summit was January, with 124 sales and $63 million in revenue. From there sales started going up month by month. Two of the year's largest sales were in March. Lot 2 in Shock Hill in the Breckenridge area sold for $5.675 million, and Parcel A at River's Edge sold for $5.5 million.
Sales for the month of December will be posted in the New Year, but in 2015, the month had 269 sales with a value of nearly $130 million. Of those sales, 17 were more than $1 million. December had more sales and higher revenue than November that year.
In 2016, 34 homes went into foreclosure, compared to 33 last year. Eleven of the foreclosed properties from this year are still in the first step of the process, and have had the Notice for Election and Demand recorded. Of the remaining homes, 16 of the foreclosures have been withdrawn, four because the debt was paid. Another four of the houses have already been resold. Last year, 21 of the foreclosures were withdrawn, and 12 were sold.