January Sales in Summit County are great! 85 residential, real estate sales in January made last month the best January since 2008!
Quick January Stats
- Inventory levels continue to be low; hovering around 700 properties for sale in the entire county.
- Dillon only has 30 residential properties on the market now. That’s just under a two month supply.
- Copper continues to be the slowest market with a 17 months supply of inventory. This is still much better than the 4 year supply seen a couple of years ago.
- Copper 2014 sales hit 74 – an increase of 24% over 2013.
- Overall Summit County is in a Seller’s Market with only a five month supply of residential inventory on the market now.
- Finally the upper end price ranges across the county are beginning to balance out supply and demand. Properties under $1.5million have less than a one year supply.
- Average sales price in Summit County has stayed relatively consistent over the last four years; hovering around $500,000.
Supply and demand is a key factor dictating the real estate market. Supply is the properties on the market or inventory. Demand is our sales. How they relate to each other give us another way to see how the market is changing. It is also how the absorption rate is calculated. The absorption rate is how long it would take all the properties currently listed for sale to sell. This doesn’t account for any new properties coming on and relies on past sales alone to determine how quickly they would sell. In the statistics above I mention that there is a five month supply of inventory in Summit County. This is calculated by the supply, 710 properties, divided by the last 12 months of sales, 1713. Then multiplied by 12 to come up with the number of months. A balanced market has approximately a six month supply of properties on the market. Of course, like with any statistics, we have to take into account the fluctuations during different times of year and any other relevant factors to determine what this information really means before making important decisions based on it. But no matter how you look at it, January sales in Summit County were great.