The week leading up to a holiday weekend is a great time for new listings to come on the market. The week before Memorial Day weekend this year is holding true to that. Real estate inventory is building, probably more quickly than normal, as we kick off listing season in Summit County.
Summer is selling season
Most of the real estate sales in Summit County happen during the summer months. We have a lot of tourists during the winter, but they tend to be busy skiing and are not buying real estate. Properties are rented, there aren’t as many for sale, and visitors are out having fun. They aren’t buying properties. They may decide they want a place here, but they generally don’t start getting serious until the summer months. In advance of the summer selling season, listing season begins. After the ski areas close and properties are prepared for sale, those that will be up for sale begin coming on the market, building inventory for the summer buyers.
Listing season has begun building inventory
This year is seeing a higher volume of properties for sale for Memorial Day weekend. In the last 7 days, 91 new residential listings have come on the market in Summit County. That is a 20% increase in our inventory in one week. Wow! That’s a significant bump in inventory. It makes me wonder what the rest of the summer will bring.
What’s in store for summer?
It is typical for real estate inventory levels to build all summer long before peaking in September or October. While the 91 new listings this week is impressive, it still isn’t enough to create pressure on pricing across the board. Inventory levels have been low since before the pandemic. It will take several great weeks of new listings to create enough surplus to impact pricing. We will be watching the activity of both buyers and sellers over the next couple of weeks. The additional info will help us try to predict what’s in store for the summer real estate market.
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