More inventory and price softening are the key points of this month’s report. High end luxury sales have held up the average pricing for quite some time but we have been experiencing a very slow decline in the median pricing. Thirty-three percent of active listings in our market have been price reduced by an average of 7%. Close to list ratio is 97-98%. The market is responding to longer hold times and Sellers who are ready are taking action to sell quickly. Summer is our high season so time will tell how much inventory hits the market, how it is absorbed, and how that continues to affect overall pricing.

In this video, I discuss the current state of the real estate market in Summit County, highlighting key statistics up to May 1st. We’re seeing a 10% drop in median sale prices and a shift towards more listings, which is increasing competition and days on the market. It’s important to note that while sales volume is up, prices are softening, and many clients are still holding onto 2022 benchmarks. I encourage you to review this data and consider how it impacts our strategies moving forward.

In this video, Candice and I discuss the current trends in monthly price drops in our market. We have 550 active listings, with about a third experiencing an average price drop of around 7%. Over 200 of those listings just came on the market in April.

It’s crucial to note that all price points are affected. Sellers need to be cognizant that the market is softening and buyers will have increased leverage, especially in homes that need work.