SUMMIT COUNTY’S 2013 REAL ESTATE STATS ARE IN!
SALES ACTIVITY:
Activity is up and prices are down.
Sales Activity – Countywide, the number of residential properties sold in 2013 increased 14% compared to the number of sales in 2012. This 14% increase shows a continuation of the trend of the following years, with 2009 being our quietest year and transactions increasing annually since then. This level of activity is a good sign that we’re moving towards a healthier market.
AVERAGE SALE PRICE:
Average prices are down 5% compared to last year.
Average Sale Price – Price trends in Summit County vary between different sectors and areas of the market. Overall, the residential market saw a 5% decrease in average sale price when comparing 2013 to 2012. This average price takes into consideration a wide range of trends depending on area of the county and sector of the market. Average prices vary from still declining 7% for Keystone condos to already appreciating 6% for Frisco single family homes. Generally, a fluctuation of a couple percentage points one way or another is not enough to consider as a “gain” or “loss,” as inflation rates, interest rates and other factors should be taken into account as well. While there is a variation of 10% or so from the weakest to strongest sectors of the county, I would say it’s safe to say our prices are flat.
INVENTORY FOR SALE:
Inventory – Overall, the active inventory available is down about 11% when comparing Year End 2013 to Year End 2012. Last year’s reduction in available property is a continuation of the trend we’ve seen year after year. Our current inventory is the lowest I’ve seen since I started with RE/MAX in Summit County in 2008. The decline in listings means we have continued to sell thru the built up excess inventory and are approaching a more stable market. In some areas, the lack of inventory has somewhat “changed the game” a little as far as increasing prices and feeling more like a “seller’s market.” In other areas, there is still an abundance of inventory and ample competition for sellers, allowing buyers the luxury of “walk away” power if sellers aren’t willing to negotiate. As always, real estate is local! Even looking at just one individual county is still too broad at times. If you have questions about the inventory and market conditions in a certain town or neighborhood, please give me a call!
Residential properties, on average, are requiring less time on the market before generating a sale.
Residential Properties are selling closer to their listing prices.