January 2013 Summit County Real Estate Update
In today’s blog, I’d like to look at the most recent real estate statistics for Summit County. Overall, there are positive signs ahead for 2013 after such a successful 2012 has come to a close.
January Sales Data
So far January has hit a few bumps. The number of sales are down (-32 percent) and the average of sold prices are also down (-7 percent).
Plus, today’s average list price is approximately 5 percent less than the list price at this time in 2012.
However, there is a bright spot. The amount of properties that are now under contract is up by 4 percent.
Currently, 142 properties are in the process of being sold. This means that Summit County residents are in a good mindset now when it comes to buying or selling real estate.
Positive Signs Based on 2012 Statistics
While you may be inclined to think that 2013 could be problematic, there is no reason to despair just yet.
If you look at all of the properties sold in 2012 as opposed to the ones in 2011, the result is that the sold volume has actually grown by 21 percent. Furthermore, the amount of transactions has also improved significantly by a little more than 20 percent. This shows a definite momentum in Summit County’s real estate market.
I want to point out, too, that all of the local towns within Summit County have experienced double digit increases in sales over the last year. Keystone did particularly well with nearly a 50 percent improvement in the amount of sales and more than a 50 percent gain in the sold volume. Now that’s impressive!
Another positive note is that the sold volume in Summit County is very similar to 2003 levels, if only a tiny bit less. The average sold price equates more in the range of 2006 and 2007 levels. This figure is pretty much the same as last year.
So despite a bit of a shaky start in January, 2013 could be a good year for real estate in Summit County.
Contact Me For More Information
Studying weekly or monthly data can be stressful, especially if you’re thinking about entering the market either to buy or sell a home in Summit County. But it’s important to look at the big picture, not just a single slice of it. And the signs are pointing to good things in the future.
If you would like more information about the current state of Summit County’s real estate market, if you want guidance on listing your home or if you are interested in buying a new property, I’m always here to help.
Feel free to contact me at your convenience. You can fill out my Information Request Form, send me an email at [email protected] or call my office lines. Please know I would love to assist you in any of your real estate needs.