There were 91 new residential listings in February. That was a decent increase over January, especially since february is a shorter month
78 properties went under contract in February which is a drop over the previous month
85 properties actually closed in February which is a jump and is a result of quite a properties going under contract in january
We are now have just around 230 active listings on the market which is right on par with last month
The median sales price in February in Summit County was up quite a bit to $994,000. The median list price to sales price ratio jumped back up to 99.22% and the median days on market dropped to 12 days. The fact that these numbers jumped back up shows us that rather than seeing a consistent trend, what we saw in January was probably more of a reflection of things being slower around the holiday season. Now that we are out of the holiday season, our numbers seem to be going to back to more consistent trends.
Inventory staying extremely low has been one of the major factors that has prevented significant changes to the market so far.
Many homeowners are locked in at great rates and dont see the need to sell so they are sitting tight. Without more properties coming to market, even a slight drop in demand will likely only make a marginal impact and slow down equity growth rather than halt it.
