Summit County Market Update Fall 2019- Courtesy Allison Simson
Market Update Fall 2019
Autumn is such a glorious time in Summit County! Crisp mornings and warm days splashed with amazing colors all around- I never want to step foot outside the county this time of year!
The real estate market in Summit County is strong on so many fronts. Looking at several leading indicators – inventory & number of showings and as well as two lagging indicators – pending/closed sales and Days on Market –gives a good picture of where we’ve been and what may come.
Active Properties: 777 on the market early fall priced from $209,000-$18,000,000 – something for everyone!
Showing data: The number of showings tends to dip slightly in the fall and pick up again when the snow flies and the skiers are back. Showings are still consistent.
Pending: Currently, there are 458 properties under contract. The number of properties going under contract is on par with the summer months.
This tells me Buyer demand is staying consistent, week after week. While other aspects of the market go up and go down, we can depend on the Buyers to be here. That's a good thing.
Sold properties: 1210 Sales Q1-Q3 2019 vs 1356 Q1-Q3 2018. Number of sales is down overall by about 11%, but overall volume is up.
Interest rates also play a part of the equation- they are so low right now! 3.75% at the start of this quarter. The predictions of most economists at the beginning of this year for rising interest rates have not panned out – thankfully! This helps with consumer confidence and makes properties more affordable.
Days on market: Median days on market is 19 this year vs 11 last year. A slight increase, but not statistically relevant.
The bottom line: High consumer confidence, low interest rates and buyers making offers gives the market a sense of confidence and predictability. That being said, we can expect, as we move toward winter, a gradual slow-down in transactions. Much of the fall real estate market is driven by folks who want to get in and secure their ski getaway before the lifts start to turn!