After a strong start to the New Year, the Summit County Real Estate Market has maintained momentum through February. In February 2011 we saw 64 transactions with an average sales price of $503,988. By comparison, in February 2012 the number of transactions dropped 7.8% to 59 while the average price rose by 20% to $613,183!!!
Despite a drop in the number of transactions in February 2012 compared to February 2011, the year to date the number of transactions is still exceeding 2011. Through the first two months of 2011 we saw 121 transactions with an average sales price of $488,632. By comparison, in the first two months of 2012 the number of transactions is up 3.3% to 125 and the average price has come up 13% to $533,087!!!
Looking forward, there are currently 148 transactions pending with an average list price (final sales prices are still unknown) of $542,040. Furthermore, we still have 1,186 active listings which represents about a years worth of inventory. Typically an inventory greater than 6 months is considered a Buyer’s Market but, with the number of transactions and average sales price on the rise, those who have been waiting for the market to bottom out may be well advised to act quickly.
As always, if you have questions about this or anything else that relates to Summit County Real Estate, please feel free to contact me anytime at the information below.
All the best,
Tyler MacGuire e-PRO®, SFR
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
“Your Guide to Summit County Real Estate”
Disclaimer: The information contained herein is based solely on MLS data.
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