The Resort Market Today The COVID-19 shutdown of course resulted in fewer sales in May, just as it did in April. Those fewer sales have reduced the total number of sales throughout the County substantially. That said, the number of property showings in May surpassed last May by 40% and June property showings look be up even more so. So interest is picking up, buyers are buying and some properties are even receiving multiple offers!
May looks like we could have hit the bottom of the COVID-19 real estate disruption as June is showing promise of further increased sales over May. And, the increase in activity couldn't happen at a better time as our big summer selling season typically kicks off around the 4th of July.
Just the Stats
The first five months of 2020: Sales are down 20%, Average Sold Price is up 7%, it takes an average of 70 days (8 days more than last year) to sell a property, and they are selling at 97.7% of list price. The average price of residential property in Summit County in 2019, so far, is $844,462.
Home Sales
Single-family homes have had an average sold price of $1,320,261. It takes 78 days to sell a home (fewer days than in 2019) and they are selling at 97% of list price.
Condominium Sales
Condos have sold at an average price of $517,553 (up 6%). It takes 67 days to sell (24 more days than 2019) and they are selling at 98% of list price.
Active Listings- Here's an interesting chart on the active listings in Summit County. If the increase in new listings continues, we should, in the county, have anywhere from 100 to 300 additional properties for sale during our peak of the year - sometime late August.
