Looking Ahead to Winter in Summit County….
It’s that time of the year where we are getting closer to ski season and the real estate market is beginning to change. This year we already had consistently low inventory, and it has already dropped down to only about 570 available properties in Summit County heading into the winter.
This summer, we only had a high of around 800 available properties which is substantially lower than past years. The low inventory has caused prices to rise, and it doesn’t appear that there will be any change going into ski season. Currently the lowest priced property on the market is $129,900 while the highest priced property is over 10 million.
The lowest priced inventory is in highest demand right now. There are only about 100 properties on the market priced under $500,000 and the median price point for available properties is around $900,000. Typically we see our inventory go down substantially during the ski season in response to our incredibly strong short term rental market. Many people can make so much money renting their property for the winter that they opt not to try to sell their homes over the winter and then make them available again for sale in the spring. However, many of the higher priced homes stay on the market year round which means you can often get good deals on high end homes during the winter.
If you have been considering a home in Summit County, let me know and I would be happy to guide you through some of the ins and outs.
(Reference article: Summit Daily’s Real Estate Round Up)