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 in Summit County? (December 2023)
Taken as an excerpt from Cornerstone Real Estate Rocky Mountains’ monthly Summit Scoop eNewsletter. Contact me today to get on the email list for the full low down!CONTACT ME
Following up on a good September, October was the first month of the year that both sales volume and the number of transactions were higher than the same month least year. While the first half of the year brought demand lower than last year, since early summer the number of transactions has been very close to last year.
Similarly, the number of listings has hovered at just slightly higher than last year since July. While the level of transactions has rebounded a bit, it is still much lower than pre-pandemic levels. The listing inventory is also still low compared to 2019 and prior, so the market has remained pretty balanced and not led to an over supply of inventory.
Interest rates have been trending down slightly recently. With inflation numbers coming in much lower, it will be interesting to see how interest rates change over the next few months. If inflation rates continue their current trends, it is possible that interest rates may start to decline. Even with the high interest rates that we were seeing this fall, we still managed to see an increase in the number of listings sold.
October saw the highest percentage of cash deals ever at 48%, which shows strong buyer confidence that Summit County real estate is a good place to put their money, even when they could be earning a safe and easy 5% on that cash at the moment.
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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