The number of listings closed so far in 2012 is up 3% in Summit County! The number of listings that are under contract is up 30%!
If we assume that all the listings that are under contract close and assume that all the listings that were under contract last year at this time also closed and added those numbers to the already sold for each year…well, over the next couple months that 3% improvement this year may move up into around a 10% improvement in the number of listings sold in Summit County. The current active listings are coming in at 9% below last year at this time.
The residential listings sold this year have sold for about 2.5% less than last year and the square foot price is about 8% less than last year. The percent of sold price to list price is up 1.33 percentage points to 94%. The average list price of the listings currently under contract is the same as the average sold price of listings that have already sold this year. Thus if we remain at the 94% sold versus list the pending is looking at around a 6% decline from today’s average sold price. Interesting.
The number of new listings this past week is up with 45 but also down about 26% as compared to the same week last year. The number of listings going under contract this past week is up over last year’s by 53% and the number of sold listings is the same.
Breaking it all down shows that the North Side has gained about 10% of the total number of listings sold while the South Side has lost 10% – the market activity is swinging towards the North Side and away from the South Side. This year the percentage of the listings that have sold in the County on the North Side is at 63% (last year it was 52%) and the South Side is at 37% (last year it was at 48%). The current listings that are under contract are still favoring the North Side at 58%. The North Side is up 24% in the number of listings sold and the South Side is down 20%.
Taking a look at price bands shows that sales between $500,000 and $1,000,000 are up 18% in Summit County while below $500,000 sales are down 2%. The band above $1,000,000 is down 10% in the number of sales so far in 2012. Looking at the current under contract price band shows picking up in the under $500,000 sales at the detriment of the $500,000 to $1,000,000 band sales. Under $500,000 that are under contract shows an increase by 5 percentage points, $500,000 to $1,000,000 under contract band shows a 5 percentage point decrease and the over $1,000,000 remains the same.
TidBit of Interest. Sold average sold price changes by price band in Summit County – $0 to $500,000 the average sold price is down 1%, $500,001 to $1,000,000 the average sold price is down 6%, $1,000,000 to $2,000,000 is down 6%.
RE/MAX Properties of the Summit