Summit County Resort Real Estate Update
The Market: Sales are up 15.5% and average sold prices are down -3.5%. Pending (properties under contract) activity is up 5%. Last year at this time sales were up 3%, average sold prices were down -2.5% and the pending activity was up 30%.
Sales: Through May 5th sales are up 15.5% countywide. The properties are selling after being on the market for an average of 323 days and last year at this time it took an average of 403 days. The North Side of the county is up 8% for the number of sales and the South Side is up 27% (wow).
Price: Countywide the average sold price is down -3.5% and properties are selling at 95% of their list price and 91% of their original list price; which shows that a little bit of a price adjustment is still needed to help a property sell today. The South Side of the county is down -1% for their average sold price. Interesting though is that if we remove the project sales, that had their prices adjusted downward substantially earlier this year and yet where still very high priced, the average sold price in the South Side of the county would be down -7%. The North Side is witnessing the largest downward movement with their average sold price down -9%.
Weekly Activity: Last week was a tremendous week for closings with a surge of 83% over the same week last year! The under contract activity is up 5 properties for a 22% improvement and the new properties coming on the market is up 33%.
What’s out there now? Well the county has -13% fewer properties to choose from and those properties are listed about -2% less than the properties for sale last year at this time. Interesting to note that the average list price of the properties that are currently under contract is -20% below the average list price of the properties for sale that are not under contract.
Fewer properties for sale. More properties selling. Prices lower and interest rates at record lows…what more can one ask for?
By the way, as of the end of April RE/MAX Properties of the Summit is number one in Summit County as well as in most all the local towns. See all the towns where we are number one on a slide show online here http://www.luckymountainhome.com/ . In fact, here is one location where we (Resort Real Estate) are really leading the pack…
Have a great week.