Beginning skiers know pizza and french fries very well. Pizza is the wedge shape you make your skis when you want to go slow. French fries make your skis parallel to go faster. Summit County home sales slowed like a pizza wedge on the slopes in October, and really, for nearly the entire 2022 year. Unfortunately, we will probably continue down the ski slopes in a pizza wedge well into 2023.
October home sales
October is usually the month with the most real estate closings each year. Occasionally September will be number one but more often than not, it’s the month of October. Even the Pandemic years of 2020 and 2021 continued the trend. But not this year. October sales are in third place in 2022, behind September and August. I believe the slow down is due to interest rates that continue to rise. As a result of slow buyer demand, we continue to have homes on the market for longer. In fact, more than half the homes that sold in October were on the market longer than a month. The unusual component to this equation is inventory is not building. Fewer homeowners are electing to sell their Summit County homes. We are still in a seller’s market with only two month’s worth of homes for sale. I believe that is what will keep housing costs from falling too much during this period of slow Summit County home sales.
Thinking about selling?
If you are thinking about selling your Summit County home, it could still be the right time. As long as your expectations are in line with reality, you can sell your home. You cannot expect french fries when pizza is being served. However,136 homes closed in the month of October. People are still having success buying and selling. Contact us if you want to discuss the market and determine if selling is right for you. We are here to help.