New Listings were up 28.9 percent for single-family homes but decreased 18.1 percent for townhouse-condo properties. Pending Sales landed at 180 for single family homes and 251 for townhouse-condo properties.
The Median Sales Price was down 2.3 percent to $615,500 for single family homes but increased 6.5 percent to $470,000 for townhouse-condo properties. Days on Market decreased 21.3 percent for single-family homes but increased 17.0 percent for townhouse-condo properties.
Tracking reputable news sources for housing market predictions makes good sense, as does observing trends based on meaningful statistics. By the numbers, we continue to see pockets of unprecedented price heights combined with low days on market and an economic backdrop conducive to consistent demand. We were reminded by Hurricane Florence of how quickly a situation can change. Rather than dwelling on predictions of a somber future, it is worth the effort to manage the fundamentals that will lead to an ongoing display of healthy balance.
For a complete report regarding September monthly indicators CLICK HERE.
Current Months Supply of Inventory Outlook Strong!
A measure of how balanced the market is between buyers and sellers. It is expressed as the number of months it would hypothetically take to sell through all the available homes for sale, given current levels of home sales. A balanced market ranges from 4 to 7 months of supply. A buyer's market has a higher number, reflecting fewer buyers relative to homes for sale. A seller's market has a lower number, reflecting more buyers relative to homes for sale.
Currently, Summit County as a whole has roughly 6.7 months of inventory, putting it in the "Balanced Market" category. With another predicted dip in inventory, it will most likely still continue to remain balanced.