This was the best week of 2012 for under contract activity! Listings under contract are up 12%. Sold listings are up 15% and Active listings are down -13%. All for Summit County residential sales and you can visualize it all here Http://WeeklyREActivity.com .
In 2011 there were two weeks with 50 residential Summit County properties going under contract and one with 48 (the 48 is actually this week last year!). This year the county already had one 40 under contract week and this past week “best of 2012’s” 42 – this week could be another big one for the county and perhaps another best!
Tracking of the number of residential properties in Summit County that go under contract shows that last year from the 1st week of July through now as compared to this year for the same timeframe and weeks results in 299 properties going under contract in 2011 and 299 properties going under contract in 2012 for that same time period. Amazingly interesting. August is up a few deals this year and July is down a few deals this year and all in all a wash and all in all exactly the same.
If we end the year at that 15% ahead point we are at now, where will the county be as compared to the peak sold year of 2006 at 2012’s year end?
Let’s see, our bottom was in 2009 and that was -63% down from the peak in the number of sales and we started digging out of that bottom in 2010 with a 10% improvement and in 2011 with a 11.5% improvement. As we entered 2012 the local Summit County market was roughly -54% down from the peak in 2006. If we hold that 15% gain we have right now the county will end the year at -48% down from the peak and if we retain our July and August momentum we may end the year at a -50% from the peak – however that winds down we will end 2012 at about half that of 2006 or pretty darn close to the total number sold in 2008.
Very interesting that it took a couple and a half years for the local market to bottom out and yet three years into the local recovery the market has only etched out 13 percentage points from the minus 63% to minus 50%. Or another way is that our market still has to climb back up 79% of the decline to get back to the peak years. Even with that long way to go the county’s market is moving steadily in the right direction with three years of consistent double digit improvement – a market picking up steam. Very interesting and even more so when you look to your left and your right there are plenty of associates doing extremely well in this market and they are following that steady improvement each year that the market has under gone for the past three years.
One either sees tremendous opportunity or one sees the obstacles blocking opportunity. I see plenty of opportunity! The county has a declining associate base (down to 480 now) and an improving transaction environment; coupled with very high average sold prices – which translates into very high average commissions earned and all that combined equals great opportunities. Actually tremendous opportunities to earn big now and build a big business into the next 3, 5, and ten years….and associates are doing exactly that right now.
Currently the county has 1563 active residential properties for sale and of those 38% will sell by year end if the county retains that 15% lead over last year. Plenty of properties for buyers to pick and choose their resort homes and, interesting enough, 62% of the properties ‘for sale’ today will be on the market the first quarter of 2013. Be sure to check out all the updates and the attached Status Report where you will notice the Breckenridge office is up 61% for UC’s, the Keystone office is up 31% and the Frisco office is up 12%.