Today we are 37% ahead of last year at this time for the number of Summit County Listings that are under contract and getting ready to close! Over the next month and a half if much of these close the Summit County Residential market will be about 9 to 10 percent ahead of 2011! Yeah….
The number of listings are only 10% down from last year at this time so there is still plenty for buyers to pick from and interest rates are still historically low…combine all that with the average sold price being flat (actually down 4%) in Summit County and buyers are buying; which is reflected in the 37% increase in pending sales.
Does that mean that all properties on the market will sell – no. If we continue with a 10% increase in the number of sold properties about 400 of the currently active listings will not sell by year end and, based upon a typical market year, between now and mid-August Summit County will continue to add more listings to the market. There is already a surplus of listings and we are going to get more that will not sell this year. Buyers will have even more to choose from…although, one caveat is that as mid-August approaches more and more buyers will also be looking for those properties in the best condition at the best price to buy.
Now is a great time for a seller to be on the market with fewer listings than mid-August and now is the time for buyers to be buying with fewer competing buyers than mid-August.
The 400 that will not sell this year are probably priced too high. The current average list price of a Summit County Residential listing would need to drop 25% to equal the current average list price of all those residential listings that are under contract today! Interesting to note as well, what is currently under contract today will close at about 5% less than what has already sold this year (taking into account our 94% sold to list price so far this year).
RE/MAX Properties of the Summit