Market report for 5 months of real estate sales in Summit County
Summit County real estate sales for May picked up considerably over the prior four months, with 66 residential closings for Summit County property. We now have had a total of 221 homes and condos sell in the first five months of this year. That is about what we could expect to sell in an average month two years ago! We are still down more than 50% from a year ago.
The highest price property sold was listed at $399,999,999; about as close to $4 million as you can get without actually being there. It sold for $3,300,000, a $700,000 discount, or 82.5% of the list price. A pretty hefty price reduction, even in today’s market. The lowest sale was a condo listed at $134,000. The average sale was $685,974 while the median was $515,000. The high priced sale really brought the average up. What was interesting was that when we look at the month of May only, both the median and the average sale price were higher than the first five months, and so was the price per square foot. However, the average sale price was 92% in May versus 93% January through May. What that tells me is that Buyers are more willing to spend more money than they were, but they are demanding lower prices and getting them.
The trend will probably continue as our inventory levels have increased considerably in the last two or three weeks. For a long time we had 1700 to 1750 units on the market, but suddenly, people are listing again and we could very well be at 1950-2000 units by July 4th. That trend will keep prices lower through the summer.
Interest rates have climbed slightly, but are still around 5.5%. We hope they will stay low through the summer. If they do, it means that this summer will be a great time to buy your second home or vacation home at truly affordable levels. More Sellers are truly motivated than they have ever been before.
