The Market: New sales are bolstering the under contract activity as the 1st quarter of 2018 comes to an end. In fact, new projects that are under contract represent about 40% of the total properties that are under contract and getting ready to close in Summit County.
Of the sold properties from January 1 through March 31 in Summit County, almost 50% of them landed in the sold price range of $500,000 to $1M, 17% fall in the over $1M range and 34% in the under $500,000 segment.
In 2017 for the same time period the under $500,000 sold segment of the local market represented close to 50% of the sales and the $500,000 to $1M segment was 30% of the market...It appears the under $500,000 market of last year is moving upward into $500K and up range. The upper end, or over $1M segment is down about 5% this year.
Overall residential sales are down 11% for sales during the 1st quarter and the average sold price is relatively flat at a decrease of 0.5%.
As mentioned, new construction is playing a key role in bolstering the number of properties that are currently under contract. In fact, in the over $1M list price range that are under contract, half are new construction, in the $500,000 to $1M segment, about half are new construction and in the under $500,000 range, 13% are new construction, as well.
You can view the above stats video in a PDF Format.