2016, a banner year for many sectors of the local economy!
State of the Union, er, Market in Summit County!
2016, a banner year for many sectors of the local economy, signaled a continuing acceleration to near-normalcy from the recent recession here in Summit County. Growth in sales tax revenues, lodging occupancy, construction activity, and real estate all cheered on this revival.
So, what’s the problem? Well, technically not a problem, but there’s not much inventory on the market! It’s amazing that prices have continued to rise despite the low inventory. And, as always, it’s very localized which segments of the market have low inventory, and which are considered high. Under $600K? Things are pretty tight. READ: You have to be ready to act (pounce in some cases!) by having your financing in order if you are getting a loan and clearly identifying how much you are willing to pay.
With single family home prices surging throughout the county and overall activity up a healthy 8%, the local real estate economy continues to improve. The luxury market has led our recovery and, in 2016, confidence soared in homes above 1 million.
Summit County’s sales volume growth in general has continued for six years in a row, nearly doubling in that time to a level approaching 75% of the peak 2007 annual activity. While that's clearly not so fast as to create the kind of bubble that burst in 2009, Summit County is a robust market, nevertheless.
What’s on the horizon for the Summit County real estate market for 2017? Good question. Inventory will likely remain on the low side, yet the number of sales each week is about the same. Inventory this low combined with consistent sales is an indicator that prices will continue to climb.
During this changing time it can be difficult to navigate the market. What is a property worth if there haven’t been any sales to compare? How do you evaluate a property when the last sale was months ago? What do you even look at to figure out what the price should be? How does the location within Summit County affect values, which can change street to street and even within a complex?
Luckily, we know the ins and outs of this market: what makes a property worth more or less than the others around it. We would love to help you navigate this market!
Ask us about some great strategies we are using with our clients to help insure that they get the property they want over the potential multiple offers.
For those of you who are lucky enough to have found your spot in the mountains, the 2016 Sales Report for your complex/subdivision is ready! For your up-to-the-minute report, call 800-262-8442 or email [email protected] and it will be in your inbox right away!