August  2008 Real Estate Highlights:

•   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. ( Single family: $833,732 Mulit-Family: $430,449 and Vacant Land: $491,088)

 

•   The Market Analysis by Area YTD 8 months reflects an average transaction price for all 19 areas of $563,291 and last August YTD 8 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 (8 months of 2008) monetary volume shows a 31% decrease (8 months in 2007). We are showing a 40% decrease (8 months to date) in 2008 with number of transactions in 2007 (8 months to date in 2007).

 

•   103 Residential Improved Units sold for $1M and over in 2008 (8 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.
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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.