Summit County Market Update October 2016

Buying

Summit County Market Update October 2016 Courtesy of Land Title Guaranty Co.

Inventory hits amazing new Lows!
There is now only about 375 active listings in Summit County. A balanced market is somewhere between 1800-2100 listings. Median days on the market is still around 17. You know what supply and demand means for prices. If you think spring will bring you more choices think it through. Waiting till spring just means higher prices. If you see something you like waiting is costing you money and another ski season.
**There has NEVER been a better time to buy a home. Call me today!**

Market Analysis % Change Year over Year 2015 vs 2016:

-Monetary volume ($149,691,558) in October was down -5% compared to 2015.-Number of transactions (263) was down -7% in October compared to 2015.-YTD 2016, monetary volume is pacing -2% compared to YTD 2015 and transactions continue that same trend at -2% compared to YTD 2016.-Demand is still steady as days on market fell from a median of 81 for February sales to just 24 for May sales, 18 days in June staying steady at 17 for Oct. -28% of the real estate closings were cash transactions. 
 Luxury Market continues to grow;-There were 25 properties that sold for $1M and above in Oct. There were 21 properties that sold for $1M and above in July. There were 17 properties that sold for $1M and above in June. 15 properties sold for $1M and above in May.-YTD~175 properties sold for a $1M+. In 2015~164 properties sold at $1M and over and in 2014~106 properties at $1M and over in the first 10 months.
*See the complete report at; October Land Title Co. Market Report