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It’s been a long, strange trip these past 22 months, and we will keep adjusting and re-focusing as we continue to roll through the pandemic. Over the past couple of seasons, we got used to being a pandemic haven – it’s been no surprise that everyone is coming to Summit County – filling hotels and condos and second homes. Even as we cheer a seeming return to normalcy – and see the light at the end of the Covid tunnel – we’re navigating some new and challenging waters right now.
The housing crunch and employee shortage have been building for some time, and with a boost from the pandemic storm, are crashing onto our shores now. Likewise, a real estate market that went from a near standstill in spring 2020 to record highs, reaching higher and higher peaks over the last 16 months, may have reached a new apex with record low inventory levels.
But when uncertainty clouds the horizon, it’s worth zooming out for perspective – Looking back over the years, Summit County has navigated change and growth- and if there’s anything we’re good at, it’s negotiating the ups and downs.
A LOOK AT THE NUMBERS:
Inventory: It’s the week before Christmas and there are only 90 residential properties (single family + condos + townhomes + duplexes) for sale in all of Summit County. The median list price of those 90 properties is approximately $2.1 million. This number is a bit skewed because many of these are luxury and ultra-luxury homes, which tend to have a higher “days on market” numbers.
- Average Price History by Type-YTD 2021: Average price for residential Single Family: $1,702,675, Multi- Family: $741,458 and Vacant Land: $475,274.
The number of properties for sale is down -46% from last year and down -81% from 2019 at this time of year.
Percent of List to Sold Price: The average percent of the list to sold price for residential sales is 101% in Summit County. Translation? Over 50% of all properties sold this year sold for over asking price!
Some specifics from our friends at Land Title Guarantee:
- Market Analysis by Area YTD 2021 (11 Months): There were a total of 2,447 transactions totaling $2,561,748,665 in monetary volume. Average transaction price was $1,077,222, average residential price was $1,100,720 and average residential PPF was $668.
- Market Snapshot for 2021 vs 2020: Average Indicators for $: Single Family +23, Multi- Family +22% and Vacant Land +29%. Median Indicators for Single Family +19%, Multi- Family +20% and Vacant Land +36%
Fun fact: October was the biggest monetary volume month on record for Summit County with $432.4 million in sales.
It will be an interesting winter, that’s for sure, as we wait for snow, and as we watch to see what forces – natural or economic – will move the real estate needle.
Warmly
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