|Summit County Real Estate eNewsletter – August 2014|
|Market Update by Kate…
THE SHORT SCOOP: Overall, available inventory is down. Number of properties Under Contract is up. Number of Sales is up and the Average Sale Price is up. We are Busy! … and Busy is Good. 🙂
THE LONGER STORY:
Inventory: It’s clear now that inventory peaked at the end of July, which was about two weeks earlier than the typical mid-August peak for Active Listings.
If you’re a Buyer, and you’re waiting for more to choose from, those properties may not be coming… or they’re few and far between. If/when they do come, there are plenty of other Buyers who’ve been waiting for them, too. So know what you want, know it when you see it, and take action quickly.
If you’re a Seller, and you’re Under Contract, congrats! If you’re Actively Listed, there are plenty of Buyers out there ready to buy. If they’re not making offers to buy yours, it may be time to take a hard look at why. With only 1-2 weeks left in the peak selling season, and a month or so of reasonably active time beyond that, there’s still time to get offers… if you’re positioned right.
Showings: Number of showings during the month of August are up 9% compared to last August.
What that means? Lots of buyers are looking, and continue to look. They’re out there! While total showings are up, the average number of showings a listing gets before going Under Contract is down, from 26 last year to 21.5 this year.
Typically, these showing numbers (totals) come from activity levels of around 2-3 showings per week prior to getting the offer. If you’re getting a few showings each week, keep doin‘ what you’re doin‘… you’ll likely see an offer coming your way soon. If you’re not getting at least 2 a week, you may want to consider your position in the market, how you compare to other Active listings buyers may be seeing on the same day, and what trends you’ve seen in any feedback you’ve received.
Recent Sales: Number of properties Sold so far this year (compared to this same time in 2013) is up 4%. Different areas of the county have seen different levels of activity, ranging from a slight reduction in number of Closings to an increase in activity of 10+%.
Average Sold Prices, again, range from pretty much flat to an increase of 10%, depending on where you look. Places where inventory is quite lean are seeing a reduced number of transactions (down -2%) with prices creeping up towards a 10% gain since last year. There are ready, willing and able Buyers waiting in the wings in many of these areas. Places where there is plenty to choose from have seen more Buyers taking action (+9%) while Average Sold Prices are still pretty flat.
GIDDY UP! Let’s go… “Hee-yah” is what I say to get my dog moving on the trail. Whatever language you like, the idea here is to TAKE ACTION. We all wish the real estate market here in the mountains was more… how shall we say…”consistent,” “well-rounded”? … But the reality of it is, our market is seasonal. And this crisper evening air is a reminder, the summer season is winding down.
If you’re not too keen on making a big push here before fall, that’s fine, too. However, if you’re one of those who want to accomplish your goal before the snow falls, then there’s no better time than RIGHT NOW to TAKE ACTION!