Real Estate sales in Summit County's third quarter
It's been a chilly couple of weeks here in Summit - record lows for this time of year. BRRRR! Fall came and went in a hurry! Real Estate sales in Summit County's third quarter of this year were down a bit by 5 percent. The median sales price of Summit County's single family homes increased 11% from September 2018 to September 2019, while the median sales price of townhouses and condos increased 14% in September compared to the same month a year ago.
Looking only at price, you might think real estate is going gangbusters in Summit County real estate, but market dynamics have definitely changed in the last quarter, with increasing inventory, more days on the market, price reductions are more common and showings are down. Many of the strongest real estate markets across the country are seeing similar softening, and while we now have more properties on the market than anytime since 2014, inventory still has not recovered to historic levels.
Buyers do have more housing choices and can take more time analyzing the details of every home, while pricing for sellers has become more important than ever with the market normalizing.
Economic conditions in Colorado remain favorable with 2 percent unemployment, increasing job creation, an outstanding outdoor lifestyle and strong economy. Low interest rates are also a big plus!
If you have questions about any specific segment of the market, give us a call or shoot us a text/email- We LOVE to talk Real Estate!