Summit County Real Estate: March 2013 Market Analysis

The following information is provided courtesy of Land Title. Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. 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.

March 2013 Highlights:

Market Analysis by Area for March: March was a strong real estate month in Summit County. There were 118 real estate transactions with $46,679,000 gross volume. The Average Transaction Price for all 18 reported areas: $241,300 Average Residential Price: $415,987, Median Residential Price: $382,500 and Average Residential PPSF $255.
Year to Date by Area ( 3 months): So far, there have been 318 real estate transactions to date, and $140,785,200 Gross Volume. The Average Transaction Price YTD is $453,733, Average Residential Price: $485,953, Median Residential Price: $380,000 and Average Residential PPSF: $275.
Market Snapshot YTD for 2013: Average Single Family is flat ($758,714 in YTD March from Full Year 2012 $764,455) and Multi-Family decreased a bit as March YTD 2013 at -13% ( $306,006 in March YTD from Full Year $353,339). Vacant Land still indicates increases at 4% ($322,956 YTD March from $309,512 Full Year 2012). If you view the Median Prices on the chart below on page 4 of the Analysis- you will see that the trends vary with Single Family no change 0%, Multi- Family was actually down 10% and Vacant Land down -6%.
Market Analysis % Change showing years 2004-2012: March monetary volume ( $46,679,000) was up 25% from March 2012. Transactions are up by 46% from March 2012 ( 118). This is the most $ volume and transactions in March since 2008. Overall, for the first 3 months of 2013, Summit County is ahead by 17% monetary ( $140,785,200) and ahead 24% transaction wise (318).
Residential Market Sales by Price Point : Residential volume in March had 86 transactions with $35,774,900 gross volume. There were NO properties that sold for $1M and above in March ( unusual). The most active price points in March were in between $200k-$400k.
2012 Average Price History: Average Residential pricing for Single family in YTD is down a bit from last month at $758,714, Multi- family stays about the same as last month at $306,006 YTD and Vacant Land is still up at to $322,956 YTD. This graph ( page 7) is a good piece to show your clients that our market has held it's value over all these years!
Historical Cost Breakdown 2013: There were 239 residential transactions so far in 2013 and $116,142,700 gross volume with 16 properties $1M and over. YTD 2012, there were 204 transactions and $109,016,000 gross volume, 19 properties at $1M and over and YTD 2011, there were 213 transactions with $108,402,700 gross volume, 16 properties at $1M and over.
Top Lender Graph: Cash sales were at 36% for all real estate closings. There were 635 loans recorded, 280 of those were REFI's, 76 loans were related to actual real estate sales and 279 were Timeshare related loans.
Bank Sales and Foreclosures: There were 5 Bank Sales in March compared to 3 in February. Foreclosure actions were way down in March. There were a total of 22 actions being filed compared to 66 in March 2012. There were 72 Foreclosure actions so far in the first quarter of 2013.