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October Market Update for Summit County

The lease on my current car is up so I recently bought a used car. I bought on September 30, 2018 and walked away with a deal I literally could not say no to. We’ve all heard that the best day to buy a used car is the end of the month, right? But why? Dealers want to clear out old inventory! The same can be said when buying a 2nd home in the mountains in October. Click play to learn why.

And how about the market? Well thanks to Land Title here are the latest stats to consider:

Year to Date Market Analysis ( 8 months): Monetary volume in YTD 2018 totaled $1,107,208,955 with 1607 transactions: $712,821 average transaction price, $741,398 average residential price and average residential PSF $465.

Market Snapshot for Years 2018 vs 2017: Average Indicators for $: Single Family +4%, Multi- Family +9% and Vacant Land +17%. Median Indicators for Single Family +8%, Multi- Family +8% and Vacant Land +16%.

Residential Cost Analysis: Residential volume in August had 250 transactions with $200,197,894 gross volume. There were 55 properties that sold for $1M and above in August. The most active price points were between $300K-$400K with 42 transactions. There were 95 Single Family, 155 Multi-Family and 20 Vacant Land transactions.

Comparative Historical Cost Analysis YTD 2018: There were 1273 residential transactions and $943,799,378 gross $ volume with 234 properties selling for $1M and over-compared to 2017, there were 1313 transactions and $883,914,045 gross $ volume, 208 properties at $1M and over. In 2016, there were 1220 transactions with $683,932,493 gross $ volume, 121 properties at $1M and over.

As mentioned in the video above, the best deals right now are the homes that were recently price reduced. See those here.

My team and I are here to serve you. Please reach out with any questions or requests for sales or rental histories on your favorite properties.

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