Summit County Market Data - Sept 1-15th, 2022

The market has softened when compared with the blistering pace of Summer 2021. The number of contracts closed in Summit County in the first half of this September is down about 35% when compared with the previous September (62 this Sept. vs. 95 last Sept.). The number of pending sales tells a similar story. However, prices have remained steady and are down only slightly. Average Summit County sales price in the first half of September has been $1,375,039. Currently, the average sold price in 2022 remains approximately 7.5% higher when compared with the 2021 average. With that being said, over half of the current listings on the market have applied price reductions. Mountain real estate buyers finally have an opportunity to find deals and apply some leverage in negotiations. The market will continue to evolve as the Federal Reserve adjusts interest rates with an eye on inflation.