Months of supply at 8. Highest MOS we have seen going back as far as the data goes which is 2017.
907 Properties on the market in June
131 went under contract in June.
Only 94 properties sold in June.
With 131 going under contract in July, this number should improve as summer goes on.
Historically, I found data that said that in 2011 (shortly after the recession), Summit County had 1481 residential properties on the market. In the beginning of 2014, the number was 1136. So 907 properties isn’t as high as we have seen, but it is the first real Buyers market we have seen in 10 years.
We are seeing 2.5 showings per listing per month in all Summit County properties. This number is a little better than in the spring, but still not very impressive.
In our office we have 17 residential listings now, 4 are new construction at the New Seasons. Some are getting 20 showings a month, and others none. Location, condition and most importantly PRICE are the drivers of getting showings. Our Frisco properties are getting a higher number of showings, most likely due to higher demand and less properties in that community. We have one property on the market that is a newer single family home in between Frisco and Breckenridge that is priced below market because it has work that needs to be done. This property has the most showings on any single property I have ever listed. My point is that PRICE is a driver for activity.
In order to compete with 8 months of inventory and 900 choices, Sellers need to 1) make their properties perfect, and/or 2) price correctly for market conditions, and/or 3) wait for a better market. Buyers have leverage, but this isn’t a clearance sale. Average percent off list price is 4%. Thirty-eight percent (38%) of active listings have had a price reduction of an average of 7% after an average of 108 days on the market.
If you want to dive deep into market conditions, check out this MLS dashboards report below.