The stock market has taken us on a wild ride the past weeks.  We have seen a crazy housing market.  The question for me is where this has left the real estate market in Summit County.

RE/MAX Properties of the Summit hosted a companywide meeting October 15, 2008.  All four offices were closed for two hours while every one of us listened and talked about the real estate market here.  Management thinks the recession and uneasiness created by the melt-down of the credit system will result in a flat market for 2008 and 2009.

I crunched a few numbers and found to my amazement that when I compared the last sale this year to the last sale last year I found that this year's sales price was higher in all but one instance.  So, prices have not eroded yet.  Prices have gone up as in past years but they have not plummeted.  We have seen many downward price adjustments.  Sellers may have priced their properties at 2007 levels plus a little; however, buyers aren't buying at that level.

The inventory level is up as everyone expected.  Last year at this time the inventory was 766 properties, presently the inventory is 1612, an increase of 110%.   The number of sales of properties on the other hand has decreased YTD from 1701 in 2007 to 996 this year, a decrease of 41.4%.   Meanwhile, Buyers have an excellent opportunity to buy from a large selection of properties at 2007 prices.  Sellers are able to sell at 2007 levels and it may be a year or more before the prices increase significantly.

I believe as soon as the stock markets settle and the banking system is once again stable we will see sales increase.  Keep in mind the real estate market isn't as volatile as the stock market; the values are still there.  Reasons for owning real estate in Summit County are the same as before.  Don't get left out and wish you would have bought!

Please don't hesitate to call me to discuss this further; I'd be glad to talk with you.

Respectfully,

Bill Reetz

(970) 390-9892

(800) 289-2005