As Coronavirus spread across the country and the world, we were all hunkered down in our homes wondering what would happen. At that time, I didn’t anticipate the summer real estate sales to explode like they did. I don’t think many people did. However, as we cautiously made our way into and out of the summer selling season, we saw sales climb higher each month and inventory dwindle. Summit County summer real estate sales exploded!
If we look back at Summit County residential sales through the pandemic we see sales rise from about half the number of sales the previous year to nearly double. April and May sales took a big hit. April sales were mainly those properties that went under contract pre-pandemic and, therefore, sales were down 53% from 2019. May sales were slower yet falling to 41% of the previous year. As businesses opened up more and more, people were back in town and buying real estate. June sales managed to equal those of 2019. July & August were both up about 32% over 2019. September climbed to a whopping 75% higher than September 2019. October kept the trend going with 79% more sales. The increases made up for the initial lag and through October, Summit County residential sales are up 18% over the same period in 2019. That’s amazing!
Sales could probably be even higher but there aren’t a lot of residential properties for sale. Buyers are still trying to buy, however. Many properties are getting multiple offers and going under contract quickly. If your property type is in short supply, putting it up for sale can create a frenzy, possibly generating multiple offers with some substantially higher than list price.
There are many theories as to why real estate sales have been so strong this year. Perhaps people got tired of their homes during lock down and wanted a second home. Having a variety of outdoor activities nearby became more important with theaters and other events cancelled. Being able to work from home made spending more time in Summit County a real possibility. Low interest rates made mortgages more appealing and savings accounts less appealing. No matter the reasons, summer real estate sales exploded in Summit County.
We will have to wait and see what happens as we go into winter. Real estate sales generally slow down for the holidays. Winter does not see the same level of real estate activity as the summer. I am anticipating a good, but different, ski season and looking forward to some great powder days on the slopes!
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