August 2023 Summit County Real Estate Market Report
Last month I was disappointed in the drop off in transactions in our market. July is a bit higher, but is still below historic numbers.
July 2023 has a total of 122 closings. Historically this is at about 65-70% of usual transactions. July 2022 was also quite low, at 86, likely due to the recent increase in interest rates. Here are historical closing numbers for the month of July:
- July 2023 – 122
- July 2022 – 86
- July 2021 – 198
- July 2020 – 216
- July 2019 – 164
- July 2018 – 185
- July 2017 – 160
- July 2016 – 170
- July 2015 – 166
In July 2023, 159 properties did go under contract, indicating a slight increase in future sales in August and September.
Overall, our market is down in number of sales by about 40%. Pricing is plateauing. This chart shows median sales price with a 12-month activity for each data point to better show trends.
Average price chart shows a similar trend of plateauing prices.
What does all of this mean to you?
Sellers – You are probably going to have to price more aggressively than you think. With the end of selling season upon us, be prepared to make price adjustments to capture the end-of-season buyers.
Buyers – Many of you are sitting on the fence waiting to see what happens. You may miss some properties that go under contract, but there are still options out there. Prices are flattening, but not falling. You may be able to pick up some deals where Sellers are anxious to sell before the snow falls.
