18 NUCs and 18 Sold Residential listings in one week during our perceived slow time or mud season – pretty good. Summit County’s Residential new listings this past week came in at 100 for a new total number of active residential listings of 1537 and one big surge in the number of listings.
How’s the Summit County real estate market…in short, Sales are up and prices are down. Well, in Summit County the residential listings sold are up from last year’s total (from 1/1 through 5/29) of 313 to this year’s 350. That is a 37 listing lead or about an 11.8% increase! In 2009 there were 238 listings sold or today we are 112 listings ahead of 2009 for the same time period. The average sold price is down from 2010’s $606,816 to today’s $544,798 or about a 10.2% decrease. Just FYI, the average sold price for 2009’s 238 listings that sold was $677,628 – a definite trend of sold prices in a definite direction.
Million Dollar Square Foot Prices. The average square foot price of the residential listings that have sold in Summit County that sold for $1,000,000 or more is $329 dollars per square foot. The average list price per square foot for the listings that are listed at $1,000,000 or more is at $415 or about 26% above what is selling. Interesting and when one considers that there have been 37 listings that have sold from 1/1 through 5/29 for over $1,000,000 this year (last year there were 45) and we currently have 273 for sale at that average list price per square foot of $415 there is going to have to be something of an adjustment in price or a lot of listings will be sitting on the sideline for the rest of the year. If that same ratio of sales were to remain for the rest of the year there would be an additional 52 listings that would sell or about 19% of the 273 that are on the market today will sell by year end.
Mid Range Prices and Sales. Between $500,000 and $1,000,000 we have 467 active Summit County residential listings for sale today and we have had 96 sell this year (from 1/1 through 5/29). Last year there were 88 that sold leaving us about 10% ahead this year for the number that have sold. The average sold price of properties in this range this year is at $699,599 and last year it was $724,314. If this segment keeps its pace there will be another 134 listings that sell out of the 467 or about 29% of what is on the market today will sell by year end.
Under $500,000 sales. There are currently 796 on the market today and we have had 217 sell this year so far and last year there were 180 for a 20.5% increase in the number that have sold so far this year. This is our strongest segment and the largest segment for potential sales. If we keep the same pace we will have another 304 listings sell out of the current 796 or about 38% of what is on the market will sell by year end.
Listings Under Contracts. There are 83 that are listed under $500,000, 45 listed between 500k and 1m, 8 listed between 1m and 1.5m, 1 listed between 1.5m and 2m and 1 listed between 2m and 2.5m that are under contract getting ready to close.
Opportunity. The current active listing inventory will have to alter their average listing aspirations by about 29% to get down to where the average sold prices are at this year. That is not a daunting statistic but rather a unique opportunity for those that want to have their property sell this year – just adjust one’s price and “abracadabra” sold.