November saw our market continue to drop in almost every statistic. Some of this is seasonality, but the variability between the high and low is more significant than we’ve seen in previous years. September was an active month, and October and November are a little quieter compared to recent years.
Average sale price for Summit County residential properties in the last month fell from $1,506,337 to $1,210,246 or almost 20%
Median sale price fell from $1,110,000 to $865,000 or 22%
While the average and median prices dropped, you can see by the charts spanning 8 years, that our variability is increasing month to month but the trajectory is relatively flat.
Active listings are down to 575 from the high of 969 in July. This is a seasonal trend as you can see from the chart.
In November 92 properties went under contract. That is decent activity for November.
129 properties closed in November.
With 575 properties on the market and 129 sold in November, the absorption is 4.5 months. Looking at Pending properties of 92, the absorption is 6.25 months. We are seeing the typical seasonal slowdown in properties going under contract.
Inventory has been the topic of conversation this year. We had 4.9 months of inventory in November. That is the amount of time it would take to sell every property at the current velocity of sales.
103 properties were withdrawn or expired from the market in November. This is a large percentage of the overall inventory (18%) and reflects the seasonal decision of property owners to switch gears to using their property as a rental if it didn’t sell. An interesting factor in our market is that people don’t “have” to sell typically, so they can wait until they think they will get another price or until life changes incentivize them to sell.
Average sold price per square foot (PPSF) is $800. The high point in our market was April 2022 when it was $877 a SF. Last month it was $777, so it is staying relatively flat.
Median sold PPSF is $765 and the height was $859 in April 2022. Last month median PPSF was $743, so again it is overall pretty flat. Percentage change from April 2022 at the height is 13.5%.
Average showings to pending is 15.
Showings per listing is 2.0 for the month of November. At that rate, it would take 7.5 months to get a contract. This reflects the slower season in November.
