Market Analysis % Change YTD 2016 Data (11 months): Monetary volume ($184,563,658) in November was skewed due to several larger Commercial Transactions, Also, there were a lot of upper end Residential activity which accounted for a 68% increase with monetary volume from November 2015. Number of transactions (268) were also up 31% in November compared to November 2015. Regardless, a very good month.
- YTD 2016; Monetary volume is pacing +4% compared to 2015 and transactions continue to be fairly flat at +1%. Summit County continues to have extremely low inventory for Residential properties.
- Luxury Market continues to improve; 28 properties sold for $1M+ in November. YTD 203 properties sold for $1M+ compared to 2015, 182 properties at $1M+ and in 2014, 116 properties at $1M+.
- Longer Time on Market; Median Days on Market took a big jump. From 17 days in Oct to 41 days for property sold in November. Buyers may be getting more selective despite our limited choices.
- Buyer Demographics; *Front Range buyers=40% *Locals including those relocating here full time=26% *Out of state buyers=34%
With only 350 active listings in Summit County you still have a great window of opportunity to get top dollar for your property. The increase in days on market may be a sign that prices are beginning to squeeze buyers. Additionally The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase this year. This will put additional pressure on buyers' budgets.
Click here to see the full report
There has never been a better time to sell your Summit home.
Call me today and let's get it going.