Aimee Straw | 970-445-8583 | [email protected] | Associate Broker, License #FA100067569 | Certified Negotiation Expert and Certified Listing Professional
Your Monthly Answer To: How’s the Market? (March 2024)
When people in our community ask me how the real estate market is doing, lately I often tell them that it is getting back to normal. The numbers for February show a pretty dramatic increase over last year, at 41% higher sales volume and 25% higher transactions. The monetary volume was at $166M, which is the highest volume we have ever seen in the month of February (the previous high was at $132M in 2021). However the number of transactions was actually very close to the 132 we saw in February of 2019 and the 125 we saw in 2020. The average price is just much higher!
So far this year average prices have continued to jump up, with the single family home average at a staggering $2.595M which is a 24% increase over last year. I expect this will mellow out as we get more sales throughout the year, but shows the strength of the luxury market at the moment. The multi-family average price went up at a much more reasonable rate of 5.2%, however this is the first time we have seen that average over $1M. The percentage of cash deals was at a whopping 57%!
As we move in to mud season, we will likely see activity slow down a bit and inventory will start to go up. That means more choices for buyers, although the inventory still has not returned to pre-pandemic levels.
Whether you are looking to buy or sell a property in Summit County I am here to help you navigate the process and reach your goals. Every buyer, seller and property are unique so let me know how I can help.
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