We currently sit at 404 residential properties in the entire county for sale. Of those 404, 213 are priced over one million dollars. Of the 203 Summit County residential properties that sold in October only 25 were priced over one million dollars. That means 178 people spending under one million dollars in just one month. We only have 191 properties under one million dollars on the market right now. That’s a severe shortage! This isn’t the first time the market has looked like this during 2016. It is the tightest market we have seen but every month this year has a very similar story. Not many properties for sale. With monthly sales averaging approximately 150 homes per month we need closer to 900 properties on the market at all times.
Inventory levels do fluctuate seasonally every year. Our highest inventory levels are generally seen in the summer and dip to its lowest point at the end of the year. Our peak inventory level was just under 700 this year, hit in early August, and we haven’t hit our low yet. As you can see from the chart, we have been seeing inventory falling steadily since 2009.