April 2008 Real Estate Highlights
Summit County average prices continue to increase. The April Gross Residential Price Index indicates that Multi-Family average price ($ 456,267) is higher than 2007 ($ 406,529) and 2006 ($ 333,501). Vacant Land is also much higher with the average price at $ 491,940 vs. 2007 ($ 391,587) and 2006 ($ 311,951). Single Family Average price this month ($838,026) is also higher than the entire year 2007 ($ 798,889) and 2006 ($ 737,253).

As of April 2008, YTD, there were 56 Residential Improved Units that sold for $ 1M and over, last April 2007 YTD, there were only 44.

The month of April 2008 does reflect a 30% decrease from the month of April 2007 in monetary volume. The month of April 2008 indicates a 38% decrease in number of transactions compared to the month of April 2007. However, month to date (4 months of 2008) monetary volume shows a 15% decrease (4 months in 2007). We are showing a 24% decrease (4 months to date) in 2008 with number of transactions in 2007 (4 months to date in 2007).

There were 621 loans in April, with 348 of the loans being REFI’s. 25% of the Real Estate Closings in March were cash transactions.


 

* Data provided by Land Title - Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office. 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.