The question of when to buy is one I hear often in Summit. Many buyers can see the seasonal changes in our mountain economy and ask if one season is better than another for availability and pricing.
The short answer is; yes, property availability varies greatly although pricing follows overall market conditions rather than seasonal changes.
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There are large variations in new properties entering the market depending on the time of year. Here in Summit County we see the highest number of properties put up for sale in the mid summer months with June and July typically being the winners. That being said, there is a very noticeable increase in new listings starting in March most years. Once mid summer passes, the number of new listings declines through December.
The majority of home buyers in Summit County will submit offers and go under contract in the late summer and early fall with September and October usually seeing the highest number of properties being picked up. The Under Contract graph below shows the high points shift to the fall when compared to the New Listings graph above.
Finally, through these variations in properties available, pricing stays reasonably constant. This can be seen using the average percentage of list price Sellers receive throughout the year. Pricing in Summit County tends to follow overall market conditions rather than seasonal changes in availability, which can be seen in the graph below.
If you value a greater number of properties to choose from, your best bet is to plan on scheduling showings during the mid summer months but be ready for more competition from other buyers during that time period. If you are more focused on price, you might be able to find a slightly lower price in the late fall and early winter months due to fewer active buyers and properties which have been sitting on the market for longer periods of time.
Again, if you have any questions, please call, text or email whenever is convenient.