The current number of residential properties for sale in Summit County is down 15% as compared to last year at this time. The number of properties that are under contract is up 33% and the number of properties that have sold so far this year is up 16%.
The average list price of the residential properties that are under contract today is actually less than the average sold price of properties that have sold this year – interesting. The average sold price in the county is down -4% and once the current inventory of what is under contract today starts to close one would expect the average sold price to adjust downward as well…another tid bit the average sold price this year would have to go up 35% to equal the average list price of the properties for sale today.
Even with a huge margin between the average list price to the average sold price buyers are finding properties that are priced right as is evident by last week’s 32% increase in properties going under contract. The past week’s activity is up 32% for properties going under contract, the number of new listings was the same as last year and the number of sold listings was up 100% – a tremendous week of activity.