Inventory: The local inventory of properties for sale has been increasing as it usually does this time of year. The inventory numbers will peak sometime mid August. The above graphic shows the number of months of available inventory by town and by price range. The number of months of inventory is based upon and calculated by the number of sales that have occurred over the past twelve months. You will notice each town has 4 different months of inventory: 1 for the listings under $500,000 (orange color), 1 for the $500,000 to $1 mil listings (dark blue color), 1 for the $1 mil to $2 mil listings (green color) and 1 for the $2 mil plus listing (the dark red color).
For example, looking at the town of Frisco the number of months of inventory for properties listed below $500,000 is currently at 1.2 (the orange colored text). Click here for a PDF of the above graphic.
Oh, the local inventory of properties for sales has had a net increase over the last 26 days of about 22% or little over 100 more properties for sale today than just 26 days ago.
Real Estate Sales through June 5: The number of sales dropped -6%. It is taking about 4 fewer days to sell a property this year as last year and the average sold price is up +10%. The 10% increase translates to +$76,938!
Condominium Sales: The prices are about flat with around a +2% improvement or about $9,341 more for a condo today on average than last year at this time. Condo sales are flat too with about a +2% increase this year. And it is taking about 13 extra days to get a condo sold.
Single Family Home Sales: This is big, it will cost one (on average) an additional $220,000 to buy a home today than it did last year! Yes, the average sold price for a home in Summit County has improved by almost 19%. Home sales have decreased by about 10% and it is taking 7 fewer days to get that home sold.
What’s Under Contract: Looking forward at was is currently under contract today and assuming that it will sell at the same average list to sell price that has occurred this year the residential average sold price is going to push upwards. IE: the current average list price of those properties that are under contract is $875,827 and it they sell at the current percent of list to sold price they will sell around an average of $858,310. About $46,700 more than what the average sold price has been so far this year.
Interesting speculation of the market looking forward over the next few months. Stay tuned to our future market updates to see just how all this pans out.
Enjoy the new updated stats on Residential, Single Family Home and Condominium sales for the county through June 5, 2019. Also here are the Historic number of sales along with average sold price for each year from 2000 to 2019 for sales from Jan 1 – June 5.
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