Welcome Home: Home sales remain strong
Special to the Daily
Welcome home to better days!
Nationally the housing market surged in April, with home affordability at record levels according to a recent CNN money article. Sales hit 4.62 million homes during the month on an annualized basis, a rise of 3.4 percent compared with a month earlier and up 10 percent from April 2011, according to the National Association of Realtors. NAR reported that the median price for homes sold during the month was $177,400. That’s a jump of more than 10 percent compared with a year earlier.
That’s a good indication that there is a sustainable recovery afoot, according to Gus Faucher, a senior economist for PNC Financial. “The fundamentals for a recovery have been in place for a while,” he said. “Only confidence was lacking.”
NAR reported that the median price for homes sold during the month was $177,400. That’s a jump of more than 10 percent compared with a year earlier.
Locally at RE/MAX Properties of the Summit Frisco, managing partner Jeff Angell reports new listings are still running at the same pace (about 10 percent fewer this year). Properties that are currently under contract have dropped this past week but are still 30 percent ahead of last year at this time. The number of residential properties that have sold in Summit County this year dropped a tad and is now up just a bit under 8 percent.
Recent activity this past week shows a slight improvement in properties going under contract and sold and still a marked decrease in the number of active listings coming on the market. For example, last year for the past week the county gained 100 new active listings. This year for that same week the county gained 75.
The north side of the county sales are up 29 percent (down from 30 percent last week) and the south side of the county sales are down 15 percent (same as last week). The county average sold price remains down about 5 percent. The south side average sold price is down 7 percent and the north side average sold price is up 8 percent.
Showings this past week are down 11 percent as compared to last year at this same time and same weekend. For the month-to-date, showings are the same (actually we have 1 fewer so far this May) and that is following an April where showings were up 15 percent. This month is about the same as far as showing activity as last year’s May and this past week is a bit slower. Year-to-date showings are up 22 percent.
Lot sales continue to happen around Summit County seeing properties previously ignored now under contract or sold, mostly to private individuals for second homes.
And so it continues, bit by bit as inventory is absorbed and prices adjust to buyer/ market expectations. I believe it is going to be a great summer for all who work to make it happen. The summer solstice is just around the corner June 20. Hope to see you all here in the Summit soon!
Welcome Home has been produced by TheTeam@Elich.com for many years now. Butch Elich a Realtor with RE/MAX properties of the Summit with over 20 years of experience to share with buyers and sellers from around world. Visit us at http://www.Elich.com or call (800) 806-9518 with any real estate or mountain
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