The Summit County residential sales market is up a solid 15.5% with the North Side of the county at a 21% gain and the South Side at an 8% gain. The number of properties for sale is currently down about 16%.
What is interesting is that the number of properties under contract today is the same as last year at this time - well, we have 1 more property under contract this year! Also the same, is the average sold price year to date for the county is $510k in 2011 and 2012. In fact, the South Side of the county is the same as last year as well with both years having an average sold price of $624k. The North Side is currently at a 2.5% improvement in average sold price.
Last year at this time the average asking price of the county’s residential properties for sale was $728k and this year that average is $705k - down 3%. If one looks at the average list price of the properties that are under contract today and assumes that they will continue the trend of a 94.5% sold price to list price ratio that we have today the $510k that we are at today will not change much by year end.
Learn more online at Http://WeeklyREActivity.com .