February 2013 Summit County Real Estate Update
So far there are some ups and downs in Summit County real estate this year. However, we are still only in the first weeks of 2013.
Plus, there are positive signs ahead that show more properties are going under contract.
February Sales Data
Let’s get started by looking at the latest numbers. Unfortunately, residential sales came to -12 percent in January.
Also, the year to date figures through February 3rd totaled – 17 percent as well.
The South Side of the county went down -18 percent while the North Side was behind by -7 percent.
The good news is that sales for homes under $250k haven’t really gone down. But houses priced between $250k to $500k are undergoing a 30 percent decrease.
In addition, sales of homes between $500k and $1m are reduced by about 16 percent and sales between $1m and $1.5m are now -40 percent.
Positive Indications Ahead
Although sales may be down in many areas of Summit County, the average sold price is actually up. In fact, sale prices of homes over $1.5m have improved by 400 percent! This is a great thing to remember as we make our way into the next few months.
But it’s also important to understand there are a few hiccups to overcome. By this time in 2012 the average list price was $733,533. Today that average is now $720,451. Furthermore, the number of active residential properties listed for sale in this county is down by -12 percent in comparison to last year.
Still, all hope is definitely not lost. We’re just in the very beginning of 2013. A lot can change in a matter of 30 to 60 days.
Here’s another thing to keep in mind. The number of properties that are now under contract and on the verge of closing is up by 19 percent. That’s something to cheer about!
Contact Me For More Information
Studying weekly or monthly data can stir up lots of anxiety, especially if you’re debating whether or not to enter the market in the near future. But you shouldn’t draw conclusions about buying or selling based on a single report.
Look at the big picture as you think about any real estate transactions in Summit County. All indicators point to exciting things in the future.
As always, you’re never alone when it comes to making sense out 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 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 protected] or call my office lines. However you wish to get in touch, please know I would love to assist you in any of your real estate needs.