The State of the Market is improving but still weak. Just like after a prolonged illness; it takes time to regain your strength, and the Summit County real estate market is slowly getting stronger. Very slowly.
Average price has been stuck in a narrow range between $450,000 and $500,000 since 2011. So far this year the average is just 5 percent above that of 2011. Prices are going sideways.
It is hard to tell how much better sales would be this year if there were a normal inventory but the lack of property for sale must certainly be keeping a lid on volume.
It is encouraging that properly priced properties continue to sell in weeks or days and for prices that are at least slightly higher than the last sales. But if there were a normal demand for an inventory this low, prices would be increasing a lot faster.
Through the first 3 Quarters of this year, nearly 1300 properties have sold, the highest number since 2007 when just under 2000 sold.
By contrast, two years later in 2009, only 678 had sold by the end of the 3rd Quarter. 1300 looks great compared to that…. [Read More]