Residential real estate sales have been rolling along at a pretty similar clip to 2017. Some months better than last year, some months not. July real estate sales happened to be one of the up months.
There were 182 residential sales in Summit County in July. That’s up 11% over 2017 when there were 164 July real estate sales. That gain didn’t erase the year to date decline. Through July real estate sales for residential properties are down 4.6% , or 45 sales, vs 2017.
Monetary volume was up slightly for the first seven months of the year with a 3.9% increase. That means people are spending more money on each purchase. Average sales price of a home is up to $751,589 so far in 2018. Compare that to $690,555 in 2017. That’s an 8.8% increase. However, more properties over $1,000,000 have sold in 2018. There have been 181 sales over $1,000,000 or 19.3% of all residential sales this year. In 2018, $1,000,000+ sales made up 16.8% of the market with 165 sales.
Sales under $300,000 have declined dramatically this year. Those properties made up only 8.8% of the market, or 83 sales this year vs 17.9% or 176 sales in 2017. That is because of the lack of properties available in that price range. There is still plenty of demand for lower priced properties.
Cash sales have declined slightly this year too. Only 27.9% of all residential sales were cash transactions. In 2017, cash sales made up 30.9% of the sales.
Properties are selling even faster this year than last. So far this year, 67.2% of all listings sell within 30 days of going on the market. It jumps to 77% when you include those that sold before 60 days. In 2017 those numbers were 63.7% and 74.3% respectively.
So far this year, prices are higher and sales are quicker. Buyers need to be aggressive to get in the market today, especially at the lower price points. Cash sales are still king but if you are a cash buyer you may not be the only one. Just over one out of four buyers are cash. Keep that in mind especially when competing for a property.
Sellers still have the upper hand but price reductions are common in our market. That means even though the market is hot, the property needs to be priced competitively for buyers to take notice. Updates and maintenance make a huge difference in desirability. Even furniture can make a difference.
Mountain Living Real Estate is here to inform you and help to decipher the numbers into facts that help you make the best decision for you and your family. Contact us and let us help you with your Summit County real estate needs.