Summit County real estate sales for August 2015 improved by nearly 40 percent over the previous August, a jump of just over $33 million.
The county recorded sales of approximately $119 million this August, which dwarfs last August’s figure of more than $86 million. The total number of sales improved from 176 in August 2014 to 221 in August 2015.
The average sale price for August was approximately $541,000, which is up from last August’s average price of about $492,000.
The spike is partially due to more homes being sold for over $1 million. In August 2014, there were nine sales breaking into seven-figure territory. In August 2015, that number grew to 21 transactions over $1 million.
The development with the highest number of sales this August was Woodmoor at Breckenridge with six transactions. In August 2014, the same development had just two sales.
TOP FIVE: AUGUST
AUGUST’S MAGIC NUMBERS 2015
221 – Total real estate sales
176 – Total real estate sales (2014)
$119.737 million – Total value of sales
$86.730 million – Total value of sales (2014)
$3.825 million – Most expensive sale
$2.688 million – Most expensive sale (2014)
21 – Sales of at least $1 million
The average price for home purchases (which includes single family homes, condominiums, duplexes and townhomes) in August 2015 was $541,797, which increased by almost $50,000 over the August 2014 average of $492,786.
Most home types average price increased from this August compared to August last year.
Condominium sales, which averaged $374,388 in value this August, were up from the August 2014 average of 328,810. Townhomes averaged $516,350 this August, compared to an average price of $487,706 in August 2014. Single-family homes sold for an average price of $872,488. In August 2014, the average price was $716,722.
The one exception to this trend was duplexes and triplexes. In August 2014, they sold for an average price of $549,966 that dropped slightly this August to $545,980.
Average home prices (including condos) in Summit County have been steadily growing over the last quarter century. In 1989, the average Summit property sold for just over $100,000. About five years later that figure had grown to $200,000. Within another half-dozen years the average had topped $300,000. By 2006, that number had grown to $400,000 and then hit $500,000 the following year.
When the data is restricted to single-family homes the average price jumps dramatically. By comparison in 2006 the average single-home price was about $874,000, or $295 per square foot. The following year that figure grew to just over $1 million, with an average square foot price of about $335. That figure has dropped slightly to approximately $968,000 in 2014, which calculates to about $314 per square foot.
Comparing these statistics to the two highest sale prices in August, shows the $3.8 million home in Shock Hill, at 5,325 square feet, runs about $718 per square foot. The $2.8 million cottage at Shock Hill, with 3,585 square feet, averages out to $795 per square foot. READ MORE