November 2012 Summit County Real Estate Update

The monthly real estate statistics for Summit County have been released for the month of October.  In the last 2-3 months the numbers have jumped up significantly, both compared to last year and compared to earlier this year.  Let’s review the updated real estate stats and what the trends are in the Summit County residential real estate market, and see what that means for you.

 

First, the last month has been good for homes under contract, but the numbers have gone down in the last week.  The number of homes under contract for Summit County went up 4.6% year to date, but down by 9% in the last week.  At this same time last year, the number of homes under contract was 162.  This year, the number of homes under contract is just a bit higher, 174, which is a 7% gain from the same time last year.

 

A much larger jump in numbers can be seen looking at the number of homes sold in Summit County.  The number of homes sold has gone up 16.4% since last year, and 34.5% in the last week!  In comparison to last year, the number of homes sold at this same time was 914.  This year, the total number of homes sold was 1059, adding up to a 13.7% gain in residential properties sold compared to last year.

 

The number of homes for sale has recently gone down in Summit County, with a decrease of 14.8% compared to last year.  In the last week, however, the number of homes for sale dropped by 49.9%.  Looking at the trend for the entire year, the number of residential properties for sale has remained lower than both 2010 and 2011 listings.  Keep in mind, though, that while this looks like a negative trend in homes for sale, the percentages of those properties that are under contract or sold are significantly higher compared to last year.

 

Whether you’re an interested buyer or seller, the Summit County real estate market offers something for you.  If you’re looking for a home for your family, or a ski season condo to stay in as a part-time resident, there are properties listed to meet your needs.  Start browsing my current listings now to see what’s available for you to see!

 

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!