I ran the search (chart above) for number of sold properties by month as far back as the data goes in my software. You can see if you hover over the chart, the month of October is usually at the top or close to the top of sales volume each year. Not so much in 2023 – last month we had only 123 residential sales. 

Here is the history of residential sales in all of Summit in the month of October:

• 2015 – 247
• 2016 – 205
• 2017 – 241
• 2018 – 211
• 2019 – 204
• 2020 – 374 (Covid)
• 2021 – 264
• 2022 – 138
• 2023 – 123

There were 130 residential properties that went under contract in October, so the pipeline of future sales will remain somewhat steady.

As I normally say, well-priced properties, in good condition and in good locations are still selling. If you have a property with any issues, you will need to price accordingly to be attractive in this market with fewer buyers ready to transact. It is, however, taking longer for properties to go under contract. Pricing remains steady – we aren’t seeing big drops in average prices. 

It’s taking an average of 16 showings before a property goes pending:

Showings per listing is also down in October to 3.3 for the entire month. Last month it was 4. If you need 16 showings to get an offer, than you have a hold time of 4.8 months. In this market, it’s better to price at market price or slightly below to compete to be the next sale, since showings are becoming increasingly limited. 

Buyers have a good opportunity to transact without much competition. Also, we can provide some insight into interest rate buydowns to make the monthly payments lower.