For this month’s market report, I decided to use a different statistical module than I normally use. This system is called Greenlights and it provides market data in a more visual way than the other system I normally use. The down side is that these are screenshots, not interactive links. Put on your readers or zoom into the photos if you need to! If you are interested in this interactive data, we can set up a time to do a video call where I can adjust this data in real time. These reports are for the entire Summit County market.
In March, there were a total of 95 residential sales in Summit County. Average price was $1.518m and median price was $1.05m. The average price went up 10.4% from March 2024 but the median price went down 4.1%. The average price per square foot also went down 13.4% from March 2024. The median downward pricing trends tells me that we are experiencing downward pricing pressure but that high end luxury properties are still pulling up average pricing.
We will start to see both median and average days on market decrease as more new listings hit the market. March saw 185 new listings, and we currently have only 485 properties on the market. With a 20% increase in listings, the median DOM dropped dramatically. Sellers should still expect at least 60 days of hold time for new listings.
I included these three charts: average price per square foot, average market pricing, and median market pricing, as a visual to see the macro market in the last two years and three months, i.e. starting in January of 2023. The overall story is that pricing increased from 2023 to 2024 and 2025 is trending slightly above for pricing, and within the last two years for price per square foot.
What does all this mean?
Buyers – we aren’t seeing major price decreases but we are seeing some signs of softening in median sales prices and median price per square foot. List to price ratio is staying steady at 97.3% so there aren’t broad discounts happening.
Sellers – March saw 114 properties go under contract which is a marked improvement from February’s 78. If the buyer activity is strong for summer, expect that pricing will remain steady with maybe the opportunity for a slight percentage appreciation from last year. If buyer activity is weak due to interest rates or other economic factors, then you will be competing to be the next sale which means you may have to be under market price for a quick sale.