Ok, if land prices are on the increase, we must be in recovery. The average sales price of land is nearly 19 percent higher than at the end of 2011, and 25 percent more lots have sold year to date. So that's still only 40 sales, but it's an improvement in our weakest market segment. With the inventory of existing homes lower than in the past three years at this time, new constructoin is beginning to happen and that will drive land sales. Anyone who is waiting to buy land should be out there right now. Prices for our least available commodity will snap back quickly from this point.
40 ... number of Summit County lots sold through May 2012
68 ... total number of lots sold in 2009
Chuck Leathers is the broker/owner of Chuck Leathers Real Estate Co. He can be reached at (888) 485-2300 or email him at ChuckLeathers@Realtor.com.