The real estate market in Summit is slow. Of note, May only had 66 closings. Only one month since January of 2015 was less and that was January 2023 at 60 closings. Wow is all I can say about that.  In the last 30 days 85 properties in Summit have gone under contract. In all of Summit, there are 371 pending properties and 326 active listings. Many of the pending properties are new construction so will not close until finished. But we should see a slight uptick of closings next month given 85 were under contract in the last month.

 

But, compared to historic numbers, the market is definitely slower. In October 2020 alone, we closed 417 properties – more than what is on the market right now! Over the last 3 years, a reasonable number of sales per month would be about 200, and over the last 8 years a reasonable number would be about 150 per month so you can see that the market is less than half of the usual velocity. What happened? During the pandemic, we had record numbers of sales and that is because SO MANY SELLERS decided it was time to sell their property to take advantage of dramatically increased pricing. We are now facing the consequences of less Sellers who want to sell because most of them already did!! Also, we had insatiable demand. It wasn’t unusual to get 10+ offers on a property in the first few days of listing it. Now, we are experiencing an average of 40 days on the market and 4.6 months of inventory.

 

If you are a buyer, the choices for available properties can be disappointing. June is historically the month with the highest number of new listings so I’m hopeful that some great new inventory hits this month. Sellers – there is low inventory but also relatively low demand so your property has to shine. Last summer values peaked so in some areas be prepared to have a list price that is 10% lower than what you could have expected last year.