May 2023 Summit County Market Real Estate Recap

 

Price relief "crashes," insights on high interest rates, and wisdom for navigating the current market -- it's all here in the latest Summit County Real Estate Market recap from Team Flick!

 

Here in Summit County, home values remain strong as many seek to snatch up limited inventory before prices creep up even higher. For those holding onto their real estate, prices continue to remain high partially due to limited stock availability - so the common wisdom of "have a five-year horizon" holds true.

 

Let's break down some of the big ideas from the past month - and see where the Summit County Real Estate Market is headed!

 

There has been much speculation about a potential crash in the Summit County Real Estate Market. While many don't want a massive crash that brings down values across the board, many are looking for a bit of relief in the market to help bring prices down to a more attainable level.

 

While this may happen at some point, it is unlikely to be in the short term. Home values have been largely stable over the past few years thanks to limited inventory availability, and this trend is expected to continue into 2020-2021.

 

For instance, in Keystone, the highest 2 bed-2 bath sold at $810,000. Most are priced around the $700's. But this doesn't mean there aren't great deals to find!

 

Again, remember the wisdom in a "five-year horizon" when investing in Summit County Real Estate. Rather than looking for deals or waiting out a crash, consider the long-term and focus on your goals.

 

So, what can you do as an interested Summit County buyer? While rates continue to stay high, you can still find a great deal with patience and planning. The key is to take a step back, look at your goals, and plan accordingly.

 

Here are a few considerations that may help you out as you look to buy in the Summit County market:

 

In a low inventory market, sellers may be more likely to offer concessions like help with closing costs or other perks. Don't be afraid to get creative and seek out these deals. (All the better reason to partner with an experienced agent!)

 

The scary word "mortgage" can be intimidating, but don't let it stop you from owning a home. Adjustable-rate mortgages (ARMs) are great options for those who want to own a home with an initial lower interest rate and more flexibility in the long term.

 

Now, if you are looking to buy your primary property, an ARM may not be the best option. However, if you’re looking for a vacation property or an investment rental, this could be a great way to save money as you plan ahead.

 

Most buyers are holding properties for multiple years, so an ARM could make sense. The extra risk can be worth it if you plan on holding the property for some time.

 

As always, it pays to work with an experienced agent. While there are lots of homes on the market, a good agent will understand the nuances of Summit County's real estate market and can help you make smart decisions based on your goals.

 

Here at Team Flick, we have years of experience helping buyers and sellers in the area, so don't hesitate to give us a call if you're looking for some guidance.

 

Looking at land title stats can give a bit more insight into the current appetite in the market. Right now, the stats show nothing too surprising - which is always a good thing when it comes to forecasting where the market is headed.

 

In April, Summit County saw a total of 109 closings on land title transactions - with the average residential price coming in at $1.4 million ($841 per square foot). Single-family prices stayed flat year over year, while multi-family properties crept up 3%.

 

But what's the big picture? Overall, transactions are down 30% - a slow pace compared to 2022. However, it's important to remember that we are actually settling into a more normal real estate market overall. Compared to massive years in 2019, 2020, and 2021, a normal market looks a bit more muted - but it's still steady and vibrant.

 

The first numbers for the end of May/start of June are in, and here's where things stand in Summit County currently:

 

• New Listings: 44
• Pending: 27
• Sold: 30
• Price Reduced Properties: 18

The Summit County inventory is going up but still sits just a bit lower than the 2022 numbers. Year-over-year, May 2023 ended at 731 actives compared to 811 in May 2022 811. For June, we are currently at 725 compared to 919 at the end of June 2022.

 

The current market conditions are keeping the market a bit more muted than in previous years - but that's no reason to fret! Values continue to stay high as buyers compete for the limited inventory we are seeing. Buyers should continue to be prepared - a pre-approval letter and an understanding of market conditions will help potential buyers get ahead of the competition.

 

Sellers should also utilize the right guidance to make sure they're maximizing their sale price in this competitive market. At Team Flick, we are always staying ahead of the latest market trends to make sure our clients get the best representation possible.

 

So are you looking to buy or sell in Summit County? Let's discuss how you can start the process today! Reach out to Team Flick, and let's get started on helping you find your dream home!