What We've Learned As Our Peak Selling Season Approaches

As the peak selling season in the Summit Area approaches, what insights have we learned about the 2023 Real Estate market? Here are a few numbers from the last week with a lot to say. 

32: The number of NUCs (new under contracts) last week.

66: Of the 32 properties under contract last week, 66% found a buyer without a price reduction. 

34: Of the 32 properties under contract last week, 34% have had a price reduction.

43: For the 66% of properties that found a buyer, went under contract, and did not have a price reduction, the average days on the market was 43.

178: Of the 34% of properties that found a buyer, went under contract, and had one or more price reductions, the average days on the market was 178.

So what do these numbers tell us about selling in the 2023 market? They tell us that buyers are still lining up for the properties that are priced right, and they tell us about 34% of sellers are still listing too high - hoping to capture the same type of year-over-year appreciation as the last couple of years, and not investing in the type of marketing plan that leads to a successful sale. The past week tells us that a seller or an agent who says 'oh, we can reduce the price later' is looking at approximately 178 days on the market.

Take a look at Summit County's monthly sales distribution by sides closed. 

So what does this mean for Sellers?

We're approaching our peak selling season, so it's more important than ever to work with a Summit Area expert who can align your price for a successful sale. Market positioning is essential, and you should find an agent who can be honest with you, and can explain their position using data when they disagree with you. If you price your property appropriately, then you can estimate going under contract in around 48 days, which still falls in our peak selling months. The 178 days you can expect to be on the market if you want to 'test the waters' with a listing price higher than market value, will likely take you into the slower winter months. Our team is here to help you make the most of the remaining go-time. Let's make your selling goals a reality before the summer season wraps up! 

So what does this mean for Buyers? 

One of the best strategies for Buyers in 2023 remains putting in fair market value offers on overpriced properties before the price adjustment. While the recent rate hikes might affect the buyer pool a little bit, you can still expect more competition from other buyers over limited inventory for the next three months. If you're interested in a property that's priced right, then be prepared to submit a strong offer. If you're interested in a property you think is overpriced, then don't just give up on it. Get in touch with us to write an offer below listing price, and present the seller with an out before they hit 178 days on the market! Let's find you your new mountain home before the snow starts to fall. 

Whether you're looking to sell your mountain property or purchase in Summit, our team is here to help you find the sweet spot and make your goals a reality in the least amount of time. Sign up here to get market trends directly to your inbox, and get in touch anytime!