August Summit County property values are positive
According to Land Title Guarantee Company, the number of sales is continuing to decline. But the good news is that the values of homes continue to go up, although not as quickly as they did from 2006 to 2007.
In general, Summit County real estate is still strong, despite economic problems throughout the nation. And, the highest number of real estate transactions usually takes place in September (the numbers for September are not out yet).
The number of sales in August, 2008, were the highest all year, which is great news. And, average prices of both newly constructed homes and resold homes increased over 2006 and 2007 yearly averages.
In fact, year-to-date (eight months), the average 2008 sales price throughout Summit County was $563,291, compared to $365,500 at this time last year. However, the number of actual properties that have sold year-to-date in 2008 are down by about 40%, compared to the same time last year.
This year’s sales of million-dollar-plus properties are still holding strong — 103 have sold in 2008, compared to 124 in 2007. And, many buyers continue to pay 100% cash for their properties. In August, 2008, 39% of closings were cash.
