September 2009 had a total of 127 residential improved transactions, up 35 from 92 in August 2009 with a total of $76.7M in residential volume up from $54.7M in August, a gain of 40.2% in dollar volume. Since July, dollar volume has increased by 83.5%. All real estate sales volume totaled $81.0M up from $60.9M in August 2009 an increase of 33%. September statistics show good growth from August's numbers and are up from July around 72%.
There were 147 total real estate transactions in Summit County in August 2009, 33 more than in August 2009. September 2009 compared to September 2008 shows a 27% drop in number of transactions from 201 to 147. September 2009 compared to September 2008 in monetary volume shows a decline of 36% from $127.0M to $81.0M, respectively.
The price bands receiving the greatest levels of sales in 2009 continue to be properties selling in the $200,000 to $400,000 range.
Average prices so far this year (January to August) are reflected in the 2009 lines below. Previous years' averages are for the entire year.
Single Family Homes:
2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $925,927 ($913,102 in August) ($926,548 in July) ($897,362 in June)
Multi Family:
2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $394,784 ($404,968 in August) ($415,150 in July) ($404,431 in June)
Vacant Land:
2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $331,245 ($320,920 in August) ($324,181 in July) ($271,236 in June)
In looking at the charts above, single family homes, as a category, continue to retain value better than the multi-family and vacant land categories.
As of October 30, 2009, there are 1,767 active residential listings down 158 from September. The total dollar value of inventory is $1.5 billion. As of the same date there are 419 land listings, down 18 from September when there were 437.
With respect to the residential listings, average days on the market is 282.8 up from 268.13 in September. 1,274 or 72.1% of these listings have been on the market for more than 120 days.
Our MLS is showing 250 residential properties currently Pending, down from 269 in September. October residential sales, according to MLS, shows 113 sales totaling about $71 million in sales. While MLS does not contain all sales, September numbers do show an increase over August by about $6M.
According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 6.5% of residential properties are for sale and 16.3% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory. This indicates that residential inventory is not overly abundant but vacant land is in high supply.
What does all of this mean to you?
As I have said all year, our market remains a buyer's market with relatively high inventory and a marked decrease in buyers from previous years. I predict that recovery will be slow but that we are currently in a climate of recovery.
To illustrate how market conditions changed in 2009, let's go back to 2004. Below are the total dollar amounts of sales in September from 2004 to 2009:
September 2004 $116.1M
September 2005 $161.3M
September 2006 $219.9M
September 2007 $168.7M
September 2008 $127.0M
September 2009 $81.0M
Record breaking sales were in September 2006 when residential sales topped out at $219.9 million.
To the Sellers out there: Things are starting to look up. While the most competitively priced properties that show the best are the first the sell, things are slowly starting to move.
To the Buyers out there: My message remains the same. Now is a super time to take advantage of great prices and a large selection. You can search available properties at our website, or I can provide you a customized listing search.
