March is one more month in the string of months with incredible residential sales in Summit County. There were 177 sales in March, nearly double the residential sales in 2020. March 2020 was the start of the pandemic but this March residential sales were more than double 2019 too.
70% of March closings went under contract within 30 days of being listed. 26% paid cash and a few did a 1031 exchange. The real estate market is hopping!
Very low housing supply
Summit County has fewer properties for sale today than sold in March. Only 134. It feels like we are seeing more properties come on the market but they are getting absorbed so quickly our inventory is not building. The Summit County market has been hovering around 125-140 homes for sale all of 2021. That includes all types of residential properties, all price points and anywhere in the county. As ski season ends the number of properties for sale typically builds. Hopefully we will see that this year too. We certainly need more homes to sell!
Majority of sales in Breck
Land sales in Summit County
When there’s nothing to buy, people often look to build. If they cannot find what they want, they look to buy land and have it built. Unfortunately, this year, there aren’t many lots for sale either. We currently have only 21 for sale, and March had 20 land sales. Again, just about 1 months worth of inventory. That shortage is creating multiple offers in land sales too. That is a very unusual market dynamic.
The seller’s market continues
With few properties to sell and high demand, as seen as incredible residential sales in March , it puts the sellers in control. Buyers must do whatever the sellers want if they want the house. I see the seller’s market continuing strong at least through 2021.