Days on Market Leaps Upward-November Market update


Market Analysis % Change YTD 2016 Data (11 months): Monetary volume ($184,563,658) in November was skewed due to several larger Commercial Transactions, Also, there were a lot of upper end Residential activity which accounted for a 68% increase with monetary volume from November 2015. Number of transactions (268) were also up 31% in November compared to November 2015. Regardless, a very good month.

  1. YTD 2016; Monetary volume is pacing +4% compared to 2015 and transactions continue to be fairly flat at +1%. Summit County continues to have extremely low inventory for Residential properties.
  2. Luxury Market continues to improve; 28 properties sold for $1M+ in November. YTD 203 properties sold for $1M+ compared to 2015, 182 properties at $1M+ and in 2014, 116 properties at $1M+.
  3. Longer Time on Market; Median Days on Market took a big jump. From 17 days in Oct to 41 days for property sold in November. Buyers may be getting more selective despite our limited choices.
  4. Buyer Demographics; *Front Range buyers=40% *Locals including those relocating here full time=26% *Out of state buyers=34%

With only 350 active listings in Summit County you still have a great window of opportunity to get top dollar for your property. The increase in days on market may be a sign that prices are beginning to squeeze buyers. Additionally The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase this year. This will put additional pressure on buyers' budgets.

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There has never been a better time to sell your Summit home.

Call me today and let's get it going.