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 the number of 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 large increase in new listings starting in March. Once mid-summer passes, the number of new listings declines through December.
Most 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, plan on scheduling showings in the spring and early summer months but be ready for more competition from other buyers during that time. Know that there are constantly beautiful mountain properties being listed and sold in Summit, regardless of the time of year. If the right home comes up for sale and you are prepared to make the purchase, the best advice is to submit an offer.
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