May 2013 Summit County Real Estate Update
There are some very positive signs to report in this month’s Summit County real estate update. Sales have increased by 15.5 percent and the average sold prices are down -3.5 percent. Looking at last year at this time, sales were up 3 percent and the average sold prices were down -2.5 percent with pending activity up 30 percent.
Early May stats are pretty exciting. Sales have gone up 15.5 percent countywide. Properties are selling faster today than this time last year. The average days on the market is now 323 versus the approximate 403 days it took to sell last year.
Also, the North Side of the county is up 8 percent sales-wise and the South Side is up an incredible 27 percent. That’s some improvement!
In terms of price, the average sold price is down -3.5 percent. Properties are selling at 95 percent of their adjusted list price and 91 percent of their original list price. So prices still need to be fine-tuned a little bit to sell properties today.
The South Side of the county is down -1 percent for their average sold price. But the North Side’s average sold price has plummeted even further to -9 percent.
The good news is that May started off on a great note. Last week was fantastic for closings with an 83 percent increase over last year! In addition, the under contract activity is now up 5 properties for a 22 percent improvement. Plus, the new properties coming on the market is up 33 percent.
Summit County has -13 percent fewer properties for prospective buyers to choose from today. Those same homes are listed about -2 percent less than the properties that were for sale last year at this time.
What does this mean? With fewer properties for sale, more properties selling at lower prices and record low interest rates, it’s simply the perfect time to buy!
Contact Me For More Information
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 know what’s happening in the market.
It’s important not to draw conclusions about Summit County real estate based on a single report, however. 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.
Remember that 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 send me an email at [email protected] 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.