For the first four months of 2020 sales are down 17%, while the average sold price is up 0.7%. It has taken an average of 71 days to sell a property and they are selling at 98% of list price. Single-family homes average $1,332,944, condominiums $502,471, and the average price of residential property is $828,225.
April's showings were down 82%, which is no surprise as the state stopped the showing of property due to COVID-19. Countywide sales for April dropped 47% in Summit County. April's average sold price was down 7%; however, the average percent of list price to sold price remained a strong 98.5%!
What's Under Contract: 70% of all the properties that are currently under contract are new construction; the remaining 30% are resales of existing properties. Of the new construction that is under contract, some will close over the next couple of months, and
most will close later.
Active Listings: It appears we could be on track to have a couple hundred more properties for buyers to choose from in the county by mid-to-late August of this year (as compared to last year). So far, in May, the county has had a net gain of 20 active listings.
Showings in May: Showings picked up in May when we were allowed to show a property (with restrictions) again. The first ten days of May had almost twice as many showings as April and more showings than the same period in May of 2019.
Under Contract Activity: Under contract activity dropped in April. The first ten days of May had almost the same amount of under contract activity as the whole month of April. If that trend continues, May might triple April's activity.
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