October real estate numbers for residential properties in Summit County show a slight change in the market. Sales are down and inventory is up. If this continues, prices will level off.
We had 228 sales in the month of October, which is the most sales in any one month all year. It is typical for October to have the most closings. Even though it was the best month of 2018, sales are still down. October sales are down 5% vs October 2017 and 6.2% year to date.
Inventory levels are still historically low but we do have more properties on the market than we did this time last year. Inventory is up a whopping 31.2%, or 105 properties that are up for sale.
Even though sales are slower and inventory is growing, the average sale price is up. County wide, on all residential properties, the average sale price is $752,928. That’s a 9.7% increase over the average this time last year of $686,385.
Average time for a property to sell is very similar to last year. Over the last 12 months, 61.4% of properties have gone under contract within the first 30 days of being on the market. It was 59.9% for the same time period one year earlier.
Cash sales are similar too. 27.8% of the sales are cash compared with 29.7% a year ago.
While we do need inventory to increase, the fact that it is up and sales are down is showing a shift in the market. It’s still early on but it looks like real estate is changing in Summit County.