Number of Transactions Up Compared to Past Years

            Although the average sales price has fluctuated a bit, over the last few years the number of transactions appears to be on the rise.  This is good news for a market with a large inventory (over a years worth) that needs to be chipped away at before we can expect to see sustained appreciation.

            In the first four months of 2010, Summit County saw 224 residential transactions with an average sales price of $526,571.  During the same time period in 2011, the number of transactions grew (25%) to 280 and the average sales price came up slightly (3.4%) to $544,489.  In the first four months of this year we have seen 294 residential transactions (up 5% compared to last year and 31% compared to 2010) with an average sales price of $532,366 (down 2% from last year and up 1% compared to 2010).

            Like any market, when there is too much supply the value goes down.  However, if the demand for properties in Summit County (AKA number of transactions) continues to grow, it is likely to lead to a decrease in supply and an increase in value.  As always, it will be interesting to see how this plays out in the coming months but, feel free to contact me anytime at the information below with questions.

                                                                                                 

All the best,

Tyler MacGuire  e-PRO®, SFR

Broker Associate

Omni Real Estate Company

Office: 970-468-2740

Mobile: 970-409-7779    

Web: www.tylermacguire.com

          

“Your Guide to Summit County Real Estate”