Why it’s Always a Good Time to Buy Real Estate in Summit County
I’m sure you’ve been somewhere recently where you’ve heard a conversation about the current housing market. Maybe it was at the grocery store, the salon, happy hour, or even amongst family and friends. Maybe you’re concerned about your own investment property or wondering if now is the right time to buy? Interest rates, inflation, national debt levels, and overall market sentiment can dramatically impact your ability to buy, sell and turn a profit on your investment. Market fluctuations will continue in the short run; however, we continue to see steady long-term appreciation in our local mountain markets. Let’s take a quick look at what type of trends we are seeing on both the national level as well as our local Summit County real estate markets as we head into Spring 2023.
National Real Estate Trends
Citing statistics from the National Association of Realtors, or NAR for short, existing home sales jumped almost 15% from January to February but are down more than 20% from the same period in 2022. While month-over-month sales rose in all four major U.S. Regions, all regions posted year-over-year declines. The amount of inventory in the market stayed about flat month over month but is up over 15% from the same time last year. No surprise here as we are seeing more and more homes hitting the market and fewer of them being sold.
The median existing-home price nationally fell for the first time in 131 consecutive months and now sits at roughly $363,000. Currently, the average days on the market is 34 days, and about 57% of homes sold in February were on the market for less than a month.
“According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.60% as of March 16. That’s down from 6.73% from the previous week but up from 4.16% one year ago.”
Source: nar.realtor.com
These numbers can be both positive or negative depending on your lens, but the stat that stands out the most to me is that home sales are down 20% year over year and that interest rates are up more than 2.5% year-over-year. Effectively, as your dollar gets you less house for your money, consumers will take more time to evaluate as conditions allow. Let’s see how those numbers compare to our local Summit County housing market. (all national stats pulled from nar.realtor.com)
Summit County Real Estate Trends
Citing statistics from our Summit Association of Realtors, or SAR for short, Summit County home sales are down about 19% year over year (just under the national average), while the average sales price is down 15% to $1.1 million. Currently, the average days on the market are way up from 20 days to 58 days. Total active inventory in Summit County for both residential and land properties sits at 263 unique properties, which is also up 111% year over year.
“Yes, you read that right; the median sales price for a home in Summit County in March 2023 is $1.1 million and will be on the market for an average length of 58 days.”
Sales vs. list price was at 102% in March of 2022 and down to 98% in March of this year, indicating the demand has gone down but that sellers are still closing just under their asking price. That is a very healthy sign for the overall market (all Summit County stats pulled from the MLS).
Thoughts and Possible Strategies?
The numbers and trends may indicate that on the national level, there is a slowdown and a bit of uncertainty, but that doesn’t always trickle down to our local real estate markets. In general, Summit County homes are sitting on the market for almost twice as long but are STILL selling at or near the asking price. Inventory continues to increase, giving buyers twice the selection than they had in the Spring of 2022.
The single most important statistic that I can highlight, which shows the overall health of the real estate market in Summit County, is the 20-year price trend (see chart below). With chart data going back to 2003, you can see a 68% price increase within five years, a 159% increase in 10 years, and a whopping 279% increase during the 20 years from 2003 to 2022.
This chart SPEAKS VOLUMES! It says that while short-term trends and interest rates may cause short-lived volatility, the long-term will provide a reliable and regular opportunity to invest in property that will appreciate in value. It looks like buying in Summit County is a pretty safe bet over the course of 20 years, plus you get to enjoy all of the perks that come with it!
Slifer Smith & Frampton Dominates Local Market Share
With so many other variables at play, you’ll also want to choose a brokerage firm that adapts to changing conditions and makes winners in every market. Both buyers and sellers continue to choose Slifer Smith & Frampton Real Estate to represent their properties because we are true professionals, know our numbers, and continue to produce big wins on each side of the transaction. Just take a look at the overall market share chart below, which shows SSF more than doubling the business of our next competitor. Our clients continue to trust us in all market conditions, and it shows!
‘The Rocky Mountains Aren’t Going Out Of Style Anytime Soon’
– SSF Broker Jeff Moore
If you like living in the mountains surrounded by natural beauty, enjoy outdoor activities like hiking and fishing, and simultaneously want a great return on your investment … look no further than the Summit County Real Estate market, it seems like a no-brainer to us (not financial advice, just sound logic)!
Check out our list of SSF Exclusive Listings so one day, you too can call yourself a local. Beyond any other brokerage in the area, we at SSF have the connections and expertise that close transactions and make dreams happen. Pushing boundaries and finding new opportunities in real estate is what we do best. For these reasons, Slifer Smith & Frampton Real Estate is proud to be the #1 real estate company in Summit County.
