Just last week, 40 Summit County residential properties went under contract. Normally, these kinds of numbers happen more during the summer months. So we’re ahead of the game!
I also want to point out that of these 40 listings, 5 of them were priced at more than $1 million. In total, there have been 59 new listings and 22 sales.
So far, sales are up 5 percent. The amount of properties under contract is about 11 percent ahead of this time last year, too.
However, by removing the properties that experienced price reductions to encourage quicker sales, the Summit County market is about even for the amount of listings right now.
Unfortunately, the average sold price is down about 4 percent throughout the county.
But the good news is that the average sold price ratio compared to the list price is at 95 percent this year. Furthermore, the average list price of properties currently under contract in addition to the current sold to list price ratio means that Summit County’s average sold price will probably increase in the near future.
It should be noted, though, that the properties now under contract will most likely sell for a lower amount than the average sold price from last year.
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If you’re ready to buy or sell a home in Summit County, it makes sense to pay close attention to every monthly real estate report. Actually, I recommend it. You should always be well aware of what’s happening in the market.
But it’s important that you don’t draw conclusions about Summit County real estate based on a single report. Always look at the big picture as you think about property transactions in Summit County.
Real estate can change in an instant here. So knowing Summit County’s various rhythms will help you out in the long run.
As always, you’re never alone when it comes to understanding this market. Whatever guidance you need, I’m here to help with all of your questions and concerns.
Feel free to contact me at your convenience. You can fill out my Information Request Form, send me an email at email@example.com or call my office lines. However you wish to get in touch with me, please know I would love to assist you in any of your real estate needs.