It's June 2, 2011 and summer has finally come to Summit County! 3 days in a row of 70 degree weather is welcome! The sales statistics are in for Summit COunty for the month of May 2011 so let's take a look at single family residential sales as compared to the same month last year.
The results are mixed but potentially on the positive side. Overall, SFR sales in the month of May 2011 were up - 38 units vs. 37 in 2010, and Days on Market were down almost 20% - to 244 DOM vs. 299 DOM in 2010. This is great news! More sales in a shorter time period - Hooray!
Unfortunately, the average sales price has dropped 3% from $733,000 in 2010 to $711,000 in 2011.
And explanation for this could be that Sellers are realizing they have to discount their home price more to sell it faster.
On the inventory side, desite a flurry of new listings late last week before the Holiday Weekend, New listings are down this year - 525 new SFR listings this year, down from 575 in 2010 YTD. If this trend holds, increased sales and fewer new homes on the market, for the remainder of the year we could see some across the board price stabilization.
Could we miss the double dip here in Summit County? LEt's keep our fingers crossed!
OF course the numbers I have shared here are generalizations for all of Summit County, and local variations occur from neighborhood to neighborhood throughout the county. Contact Greg McCallum at 303 641 0923 or visit our website: http://www.coloradmountainretreats.com/ with questions about specific areas in the county!
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