Real Estate Market Trends: In a nutshell, sales are flat (down -1.9%) and the average sold price is up +3.8%.
Inventory is low and yet, the number of pending properties is soaring with 493 Summit County residential properties under contract right now. Of the 493 properties under contract, 23% are new construction.
Click the link below to view the September eNewsletter in its entirety, including this video update, several charts and graphs and plenty more additional statistics.
Fall Market Update by Kate
The market is busy! Prices are still increasing. Interest is strong. Inventory is still low in many areas and price points throughout the county. Properties that are priced appropriately are getting 2-4 showings or more per week. Some are even getting 2-4 showings per day. Days on Market have been decreasing and literally in many areas, we’re talking days, not even a week, on the market. Definitely days or weeks, we’re no longer talking in terms of months on the market. Although, those numbers are Active days on the market. A property, by the time it goes through the Under Contract period and the loan process, it is going to show 60+ days on the market but it may have only had 2 or 3 days Active and then the remainder of that would be the time it takes to get the loan.
And, that is one of the challenges we are experiencing right now. Appraisal in particular. If the buyer is getting a loan, 45-55 days for a Closing timeframe from Under Contract to Closing is pretty typical right now. Appraisals alone are taking 4-6 weeks. They used to take right around 3-4 weeks. Now, we’re at 4-6 weeks, and honestly, we’re doing good if we can get them in that amount of time. So, just something to be aware of – a 45-55 day Closing timeframe for a Buyer who is getting a loan is pretty typical right now.
We’re approaching fall in the mountains and the aspen leaves are peaking right now! Right now, the summer buyers are winding down. Generally, there may be a slight lull and then the skier buyers will start to arrive (and have already started to arrive), looking for a ski condo to get into before the holidays. So, the market is busy – maybe a hair less busy than it was a month ago – but really still very strong. Still a good time to list. Still great interest rates so still a good opportunity for buyers to buy.
And as we go forward, there may be a little lull. Election years can sometimes be funny. People are just a little unsure of what’s going to happen, so sometimes people on both ends – both buyers and sellers – put things on hold just to wait and see what happens. So it could be a little quiet around the election but regardless of which way the election goes, once the unknown of the election is gone and that’s behind us, people historically pick right back up again.
So, the market is busy and should continue to be busy. Prices are still rising. The election may make things calm for a couple weeks right around the election this fall but other than that, the market is very strong and we’re here to help you! If you or anyone you know are interested in buying or sell, please give The Barr Team a call or shoot us an email! Thanks.