Under Contract Activity Brisk and Inventory Down!
The number of properties in Summit County that are under contract today is 206 with the number of active residential properties ‘for sale’ at 469. That is an amazing ratio, but a low inventory, strong under contract activity and rising prices appear to be happening nation wide and Summit County is no exception.
Even though the inventory is typically low for this time of year, this year in the beginning of February the local inventory was down considerably over over last year at this time – close to 40% down. The year is young yet and as one can see by the sold numbers there’s a lot more sales yet to come.
Low inventory coupled with a strong interest is creating a pretty strong sales environment, even for this early in the year.
Interesting: There is no shortage of speculation on just how the low inventory and strong buyer interest will drive this year’s sales numbers as well as prices. Take a look at the numbers found in this email and make a speculation of your own – the year is off to a great start and it will be really interesting to watch as the local real estate market unfolds in 2016.
RESIDENTIAL PROPERTIES SOLD: Taking a look at the total number of properties ‘for sale’ by town reveals some pretty small numbers of opportunity for buyers. Look at Dillon with 18 properties ‘for sale’ and 21 Under Contract. Silverthorne has a large number of properties under contract as compared to the properties ‘for sale’ – 46 U/C with 65 actively ‘for sale’.
Taking a look at the average list prices for active and under contract properties as compared to the average sold price for the past 12 months is showing strong potential for price improvements. For example the average sold price for Summit County over the past 12 months is $563,132 and the average list price of the under contract properties is $835,999 – a $272,000 difference! Taking into account the list price to sold price ratio has been 97% there remains a very strong potential for upwards price movement.
See the whole February newsletter here: Market Update eNewsletter – Feb 2016