April Market Update
Same old story here. Pricing is really holding steady. Average sales price (trailing 12 months) is up slightly in March from $1.291m in February to $1.309 in March.
March only had 84 sold residential listings, down from 95 in February. This is a little surprising to me. Normally there is an uptick from February to March.
March saw 170 new listings hitting the market. We will continue to see an uptick in listings as spring turns into summer.
Days on market are staying relatively low. These are stats from trailing 12 months because the 170 new listings that hit the market in March are bringing down the DOM number considerably.
There are currently 387 residential properties on the market in Summit County.
What does all of this mean to you?
As you can see, with only 387 total properties on the market right now, there isn’t a TON of inventory. 174 of these properties are under $1m with 22 of them being deed-restricted properties that will be sold in a lottery. For market-rate properties, 152 are under $1m and 213 are over $1m.
If you are looking to buy, there isn’t an abundance of choices. Get on an auto search through my MLS and if you see something you like, act fast.
Sellers, we aren’t in the frenzy of the past, but market pricing is remaining strong. Don’t overprice and your property will most likely go under contract within 30 days.
