Tuesday, September 30, 2008

August Real Estate at a Glance

Transactions are on pace to decline for a second consecutive year. Price, however, continues to increase, albeit at a slower rate than from 2006-2007.

These figures do not reflect September, which is usually the highest-volume month.

Overall, Summit County retains a strong housing market despite the national economic crisis.Here are some August highlights from the real estate world:

- August 2008 has the highest transaction activity that Summit County has seen all year.- The August Gross Residential Volume (new construction and resales) average prices for single family, mulit-family and vacant land continue to surpass the entire years of 2006 and 2007 average prices.

- The Market Analysis by Area YTD eight months reflects an average transaction price for all 19 areas of $563,291 and last August YTD eight months it was $365,500.

- The month of August 2008 shows a 50% decrease from the month of August 2007 in monetary volume. The month of August 2008 indicates a 49% decrease in number of transactions compared to the month of August 2007. However, month to date (eight months of 2008) monetary volume shows a 31% decrease (8 months in 2007). We are showing a 40% decrease (eight months to date) in 2008 with number of transactions in 2007 (8 months to date in 2007).

-103 Residential Improved Units sold for $1 million and over in 2008 (eight months) and 124 Residential Improved Units sold for $1M and over in 2007 (8 months)

- The Percentage Gross figures are very similar for both years with $1M and over transactions in Summit County YTD.

-100% Cash transactions in Summit County continue to be very steady — 39% of real estate closings were cash transactions at the time of closing in August 2008.