Third quarter 2006 update
According to Land Title Guarantee Company, who computes the information based on sales for the area, the dollar volume of sales is up 17% this year over the same period of time last year. The number of transactions is flat, with 2612 sales closed this year versus 2631 for the same time last year. In many other parts of the country I am hearing of sales being down, yet average transaction price being up, which seems strange as usually a down market means that prices decrease too.
Our market is not down, as last year was a record breaking year and we are almost equalling it this year, but having prices increase by 17% is unusual in such a market. The lack of inventory has been the culprit, as we are close to being built out and are now seeing small cabins being torn down to make way for larger, single family homes or townhomes.
The average single family home price in Summit County is $772,267, while the average multi-family home price is $341,806. Land sales averaged $284,920 per transaction.
