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? (November 2023)
With the official results in for September, it turned out to be one of our best months so far this year. It was the first time that the sales volume was higher than last year (by 28%), and transactions were just slightly lower (by 2%). The average residential price was the highest we have seen since May of ’22, at $1,409,573. The YTD average residential price is at $1,333,724, which is just barely above the average this time last year of $1,327,042.
The YTD single family average price is holding steady at just 1% under last year, and multi-family is 5.2% over last year. If we look only at the months of June-Sept, actually the single family home average is 7% higher than last year, and the multi-family is 1% higher. They are both holding pretty strong in the face of high interest rates.
Inventory did decline as expected, by 15% as compared to last month. We continue to see trends very similar to the pre-pandemic years. We are seeing slightly stronger activity from buyers than this time last year, with 14% more listings going under contract in the two weeks prior to reporting our inventory statistics.
Interest rates are still very high, and deterring some buyers. However they are also deterring some sellers from choosing to put their home on the market, because they don’t want to trade in for a higher mortgage, so that is keeping inventory low. In September 45% of our transactions were all cash.
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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