Last month I reported that the market was steady. And it still is, relative to the last 18 months or so. With 11 interest rate hikes since March 2022, along with substantial short-term rental restrictions in Summit County, our market is seeing signs of a new normal with less sales volume.
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.
Average days on market is creeping up to 52:
Percentage sale to list price for October is 97.5%
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.
Amy, thank you very much for sending out your careful, detailed analysis. It’s very helpful! It does seem to me, though, that prices for relatively lower-priced condos – roughly $600K and under – have been dropping in the last year or so. Am I wrong about that? Thanks for all that you & Jennifer do!!!