September 2023 Summit County Housing Market Update

 

Are you on the hunt for a new property this fall? Looking to put your home on the market - but want to know if the market is right for it? Team Flick is here to help! Our experienced team of real estate professionals is ready to provide you with a comprehensive market update for your area.

 

This month, we'll look at the latest stats on new listings, pending sales, closed sales, and price reductions. We'll also discuss inventory levels, pricing trends, and my advice for buyers in today's market.

 

• New listings in the past 7 days: 21
• Properties gone pending in the past 7 days: 22
• Closed sales in the past 7 days: 27
• Price reductions in the past 7 days: 25

The number of new listings on the market remains low compared to historical norms. Pending and closed sales activity indicates steady demand. The number of price reductions is higher than usual for this time of year - showing that sellers are being more realistic with their listing prices to facilitate a sale.

 

• Total active listings end of September: 860
• Total active listings end of October 2022: 804
• Active Today: 790 (Choices: 391)

Breaking down the numbers, we can see that things are sitting at a consistent level, if not a bit tighter. Our inventory of available homes for sale remains extremely tight by historical standards. We are seeing some pockets of increased inventory, but overall choice for buyers is still constrained. We’ve been seeing luck putting properties on the market at a specific price point, and then pulling down the price by a strategic amount – which leads to interest and offers coming in at a good clip.

 

Don’t be afraid to experiment with pricing, but don’t get caught up in a multiple-offer situation. Some properties are coming in at higher prices, but in most cases, we are looking at negotiations being a part of the process. These negotiations can be successful if done strategically – which is why you need a trusted advisor in your corner!

 

• Average residential price September: $1.4 million
• Average sold price per square foot September: $820
• Average sold price year-to-date: $1.3 million
• Average sold price per square foot year-to-date: $796

• Single-family: Down 1%
• Multi-family: Up 5% 
• Vacant land: Up 1%

Pricing remains high compared to last year, though we are seeing some slowing of appreciation month-over-month. Sales activity indicates the market remains quite competitive for the limited inventory available.

 

Interestingly, 45% of all real estate deals in September have been closing in cash - with interest rates higher, this makes cash more attractive than financing. Many buyers are looking to snag the limited inventory available, and cash offers are a great way to stand out in this competitive market.

 

My advice to buyers right now is - don't be afraid to make an offer below the list price. Why? 

 

Sellers expect to negotiate in this market. As you begin the process, I can offer guidance on pricing aligned with the current market conditions to make sure you aren’t undercutting yourself in the process.

 

But remember – it can be worth taking a swing with a creatively structured offer. We've seen several situations lately of properties receiving multiple offers after a modest price reduction, showing just how competitive this market can be.

 

Looking at that 45% cash stat shows us that in this market, cash is still king - and often a more attractive offer than one with a large loan. So, if you're in a position to make an all-cash offer, it can be worth your while to do so. But even if you aren’t, that doesn’t mean you have to count yourself out right away.

 

The bottom line is inventory remains low and demand steady. Smart negotiating can still get you a good deal. Let's have a conversation about your goals and how to structure an offer. Together, we can help you win in this competitive market.

 

Need help navigating this market? I'm here to provide you with the guidance and support you need.

 

From understanding the sales process to finding a great home at an even better price, I have the expertise to ensure that your needs are met. With years of experience in the local market, I know how to get the job done, and I'm ready to help you.

 

Contact me today to learn more. Together, let's make your real estate dreams a reality.