September was a bright spot in market activity and in October we saw dips in number of sold properties, average and median pricing, and price per square foot.

Average sale price for Summit County residential properties in the last month fell from $1,594,698 to $1,521,097 or 4.6%

Median sale price fell from $1,235,000 to $1,112,500 or 10%

While the average and median prices dropped, you can see by the charts spanning 8 years, that pricing still remains strong.

Active listings are down to 655 from the high of 969 in July. This is a seasonal trend as you can see from the chart.

In October 147 properties went under contract. That is decent activity for October.

157 properties closed in October.

With 655 properties on the market and 157 sold in October, the absorption is 4.17 months. Looking at Pending properties of 147, the absorption is 4.45 months.

Inventory has been the topic of conversation this year. We had 5.6 months of inventory in October. That is the amount of time it would take to sell every property at the current velocity of sales

148 properties were withdrawn or expired from the market in October. This is a large percentage of the overall inventory and reflects the seasonal decision of property owners to switch gears to using their property as a rental if it didn’t sell.

Average sold price per square foot (PPSF) is $771. The high point in our market was April 2022 when it was $877 a SF. Last month it was $828. That’s a drop of 6.8% month over month. Percentage change from April 2022 is a drop of 12%.

Median sold PPSF is $743 and the height was $859 in April 2022. Last month median PPSF was $828, dropping 10.2%. Percentage change from April 2022 at the height is 13.5%.

Average showings to pending is 13.

Showings per listing is 2.7 for the month of October. At that rate, it would take 4.8 months to get a contract.