October 2012 Summit County Real Estate Update

Today let’s review the updated real estate statistics and what the trends are in the Summit County residential real estate market. There has definitely been a positive trend in the market, both compared to last year and to earlier this year.

Let’s discuss the details so you can see the trends for yourself.

First, the last month has been great for homes under contract.

The number of homes under contract for Summit County went up 9.5% year to date, and an impressive 6.5% in the last week. At this same time last year, the number of homes under contract was 222. This year, the number of homes under contract is significantly higher, 243, which is an 8.6% gain from the same time last year!

If you’re considering selling your home, now is a good time to be listed in Summit County, with an increasing number of homes under contract.

Another positive trend is that of homes sold in Summit County.

The number of homes sold has gone up 16% since last year, and a whopping 59% in the last week! In comparison to last year, the number of homes sold at this same time was 823. This year, the total number of homes sold was 953, adding up to a 13.6% gain in residential properties sold compared to last year.

Specifically, closed properties on the north side of the county increased 20%, and the number of sold properties on the south side increased 11%.

If you’re considering selling your home, now is a good time to be listed in Summit County. With an increasing number of homes under contract and homes sold, your chances of finding a buyer are increasing as well!

Decreasing number of homes for sale

The number of homes for sale has gone down in Summit County, with a decrease of 15% compared to last year.

In the last week, however, the number of homes for sale jumped up 45%. Looking at the trend for the entire year, the number of residential properties for sale has remained lower than both 2010 and 2011 listings. The lower numbers don’t necessarily suggest a negative trend, though, as the percentage of those properties that are under contract or sold are significantly higher compared to last year.

What these trends mean to you

Overall, whether you’re an interested buyer or seller, the Summit County real estate market is moving in a positive direction.

If you’re looking for a new home for your family, a nice condo to stay in as a part-time resident, or an investment property, you’re looking in the right place!

Start browsing my current Summit County real estate listings now to see what’s available for you to call home.

As a seller, if you’ve been considering putting your home on the market, this is a good time to list your property. The number of homes closing or under contract is increasing, and your home could be the next to sell!