Luxury home sales are up — and Summit County has lots of real estate ready to be sold
FRISCO — With a record number of building permits issued in Summit County, up 10% from last year for the Summit County Building Inspection Department alone, real estate is looking pretty optimistic as well. While the total number of real estate sales are down about 12%, volume of sales and luxury homes sold are up.
Total real estate sales: 195
Total real estate sales (Sept 2018): 220
Total volume of sales: $157,129,840
Total volume of sales (Sept 2018): $141,637,280
Number of sales at or above $1 million: 43
Number of sales at or above $1 million (Sept 2018): 34
Source: Summit Association of Realtors
“Even though we were down in September by 25 sales we went up in value,” Thomas Coolidge, president of the Summit Association of Realtors, said. “It’s an interesting data point about Summit County. It’s just such a strong market that people want to be here.”
Coolidge shared that the days on market for a home being sold right now in Summit County is historically low.
“If properties are priced right they’re literally going under contract in a week,” Coolidge said.
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While total sales are down, Coolidge said there are currently a whopping 452 pending units, meaning there are 452 units that are under contract but are just waiting to close. According to Coolidge, about 350 of these units that are pending are under the normal real estate process and are very likely to close within 30–45 days. The remaining units may be a bit more complicated and could take longer to close, but have a deal in the works.
“It’s just so exciting that these would go under contract so quickly,” Coolidge said. “That is really, really healthy.”
Additionally, Coolidge said that about 293 of these pending units are priced between $300,000 and $900,000 while the other 159 are considered luxury homes at or above $1 million. Luxury home sales were also up by over 23% for the month of September this year compared to last year.
“The reality is that because of the supply and demand the prices are going up,” Coolidge said. “It’s a function of the fact that our market is healthy.”
Since this month’s snapshot doesn’t show all of the homes that are just yet to close, Coolidge expects numbers in the next coming months that are similar if not higher.
“I’m expecting October, November, December to show the same kind of stuff,” Coolidge said. “As these new projects get ready to close, it’s going to really be an amazing start to the next year.”
Despite the dip in real estate sales in July, Summit County has seen steady growth in overall real estate market health through August and September, and with Coolidge’s optimistic view, the trend will likely continue.
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