Summit County Market Report April 2020

Market Trends

Market Analysis % Change 2020 vs 2019: Monetary volume ($99,852,065) in March 2020 was down 2% from March 2019. Transactions (133) were down 1% from March 2019. YTD 2020  Monetary Volume is pacing 4% down from YTD 2019. YTD 2020 transactions are pacing 3% down to YTD 2019. March is an anomaly as showings were not restricted till late in the month. April closings through today are only 47, about 1/3 of March. Showings have resumed as of today and so May could see a rebound.   

The Week of April 19
4/26 576 Active 90 Non-preconstruction Pendings
Pendings; DOM Median-16 Average-87
Price Decrease (21)
Price Increase (1)
New Listing (36)
Back On Market (7)
Pending (14)
Sold (13)
Withdrawn (13)
Expired (6)
Price reductions increased last week. Pendings continue to be slow. I have changed the dynamic of the pendings and removed the pre-construction listings that have been under contract for up to two years and may stay there for another year. This will give us a better indication of where demand is at. 

Luxury Market is Still Holding it's Own; -YTD '20 87 properties sold for a $1M and over  -YTD '19; 69 properties sold at $1M and over -YTD '18; 54  properties sold at $1M and over.     

Inventory has leaped to 576 total units listed for sale.  Normal for inventory to climb this time of year. We are beginning to see price reductions. With the low interest rates it's Opportunity Time for mountain property.