Tuesday, September 18, 2012
Summit County Real Estate Market - Slow and Steady Stabilization
Slow and Steady Stabilization
The aspens are changing color and the summer has come to an end. Sure signs are that football season is here, the smell of burning wood is in the air, and my warm weather-loving dog doesn't want to go outside in the morning because it's cold.
This spring, I noted that Summer 2012 would tell the story of whether the Summit County real estate market was in a recovery. July numbers showed signs of improvement with July 2012 increasing 77% in dollar volume over July 2011. August closings as shown in MLS will prove to increase over July. It appears that our market is in a stabilization stage and that improvements are happening slowly. For a Summit Daily news article discussing the current valuations of the Summit County real estate market according to the county assessor, click here. If you are looking to get in on sale pricing for Summit County real estate, there aren't many more clearance sales.
And as I mentioned last month, good deals, featuring bank owned, short sales, and motivated sellers, continue to shrink every month, indicating that our distressed inventory is whittling away. I recall at one time having over 50 properties in the mix, but in September we are down to 26. Once distressed properties are cleared out of the market, we will begin to see a recovery of market priced properties.