March 2013 Summit County Real Estate Update

Today’s real estate market in Summit County is strikingly similar to last year at this time. In fact, it almost feels like it’s still 2012 in many ways.

However, there are some notable differences that deserve to be mentioned. But even these variations don’t point to dramatic changes from last year’s figures.

This March’s statistics include:

• A lower amount of sold properties, but not by very much;
• A 10 percent decrease in active listings; and
• A decrease in the average sold price by about a couple thousand dollars.

One important bright spot is that the number of Summit County residential properties under contract is up approximately 14.5 percent. That’s about 2.5 points higher than it was this time last March.

Other than that, though, we’re going at about the same pace as we were a year ago. Even the percentage of list price to sold price is extremely close. Right now this percentage for Summit County residential sales is 94.4 percent. Last year at this very same time we were at 94 percent.

Also, today’s sold prices are a little lower than last year. But just a few more higher end sales could increase those numbers. As home sales continue this year, the direction of Summit County sale prices will be easier to determine. 

Contact Me For More Information 

If you’re ready to buy or sell a home in Summit County, it’s natural to pay close attention to every monthly real estate report that comes out. Actually, I recommend it. You should always be well aware of what’s happening in the market.

But don’t draw conclusions about Summit County real estate based on a single report. Always look at the big picture as you think about making a property transaction in Summit County.

Things can change in an instant. So knowing the region’s real estate rhythms will help you out in the long run.

As always, you’re never alone when it comes to making sense out of this market. Whatever guidance you need, I’m here to help with all of your questions.

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 with me, please know I would love to assist you in any of your real estate concerns.