The August real estate report for Summit County is a mixed bag. Great sales combined with stellar prices and a lot of inventory.
August was a pretty good month with 224 residential sales county-wide. With the exception of 2017, it’s the most August sales we have had since 2007 when we had 273 in the month of August. This August was a 9.8% increase over last August.
Comparing August 2019 to August 2018, homes are taking slightly longer to sell, 52 days on average or a median of 22 days. Compare that with 46 and 14 respectively in 2018.
Homes are selling for 97.75% of list price on average, that’s pretty flat with a decrease of less than .25% from last August. Sale prices right around 98% of list price is pretty consistently where we are in Summit County residential real estate sales.
As expected, both the average sale price and price per square foot are up over last August. The average sale price for residential property in Summit County is up to $884,263. Our highest priced sale in August was $4,900,000, a far cry from the lowest priced sale of $156,961. On average, residential properties are selling for $512.24 per square foot. Of course, that won’t cut it for a ski in/ski out condo. Choice locations combined with a small property can easily push that price per square foot to around $1000 or more.
Inventory has gone through the roof in 2019. We have nearly 50% more residential properties for sale this year than last and more than we have had at any time in nearly four years. This gives buyers some leverage they haven’t had and is beginning to put pressure on prices.
As we head towards winter, sellers are beginning to think about what they will do if they don’t sell this year. Will they take their property off the market and rent it? Will they be patient and see what happens? Or will they reduce the price to be sure it sells before winter? These are questions sellers haven’t had to be thinking about for a few years.
I keep saying it and we keep seeing it. Our market is shifting.