What's happening in the Summit County Real Estate Market?
When it comes to the latest news in real estate, there are soooo many sensational headlines in the media. In times like this, when it can be hard to know what to believe, put your trust in us, your hyper-local experts! Here in Summit County, the market is most assuredly different in many respects than other places in the country, and even in Colorado.
Let's take a deeper dive into the data!
Despite what you may have read, the second home and resort housing market is still undeniably strong.
This time last year, we had 1,234 sales. This year so far? 1,486 sales. That's an increase of 20%!
The average property is selling for 101% of list price. And the average Days on Market (DOM) is 4.
Here’s a look at what leading experts have to say about buyer demand today and how it continues to shape the industry:
Michael Lane, President at ShowingTime:
“In general, there are definite signs of cooling demand. However, buyer traffic is still at historically high levels compared to pre-pandemic showings.”
Odeta Kushi, Deputy Chief Economist at First American:
“Seasonally adjusted purchase applications tick up slightly to the highest level since July. Demand for homes remains strong and steady. Excluding 2020 (not a good benchmark) purchase applications are the strongest in a decade.”
Selma Hepp, Deputy Chief Economist at CoreLogic:
“Home buyer demand pushed price growth to a new record high in June, with S&P CoreLogic national Case-Shiller Index clocking in an 18.6% year-over-year growth rate. The month-to-month index jumped 2.18%, making it another strong monthly growth, and the fastest May-to-June increase since the data series began.”
What It Means for You
As a seller, buyer demand is an important factor that helps influence how fast your house will sell and how many buyers may be competing for it. When buyers have to compete against each other for a limited supply of available homes, bidding wars can drive prices up. While things have cooled slightly since the peak of the pandemic housing rush, buyer demand is still far surpassing historical norms. That’s why we’re still in a sellers’ market.
Are you a buyer? Get your ducks in a row so that you are ready to make the strongest offer possible. There are some interesting programs out there where you can present your offer as a cash deal, even if you are getting a loan. Ask us for details!
If you’re torn on whether or not you want to sell or buy home Summit County home this year, rest assured it’s still a great time to make a move.
Let’s connect to discuss how you can sell/buy now and do it on your best terms thanks to today’s buyer demand.