Just a few thoughts on the market swings we have seen in the last few weeks in Summit County. The fall of 05 show strong growth which contiuned thru the winter in to spring 06. A period normally marked by more skiing and less buying and selling by Summit County visitors. However as we came out of spring and gained momentum towards the beginning of summer, which in Summit County, we kick of summer at the 4th of July and hopefully it hasn't snowed by Labor Day, but I digress. As the 4th approached showings slowed, activity mellowed and inventory increased. Now as summer progresses the level of inventory has remained higher than for the previous year and half. As an example Frisco usually has about 56 properties on the market. True since 2003-4 and currently, for the last 4 weeks the number has risen to the mid 80s. We certainly see an increase in new listings this time of year, however the Buyers have not absorbed the new property the way they have in the past.
Prices have remained stable, why, because the average Summit County Buyer, wants to use the property for family, friends and quality of life. Florida has been estimated as having as much as 40% pure investors buying property in the past. Ofcourse, we are all investors in any property which is not our principal residence, but lets draw a line in the sand, and say It's not the use but the finacing. Summit County seems strong at the moment because we have Buyers who make conservative purchases and Sellers who are in strong positions, they are not forced to sell.
Well thank you very much for making thru my first blog! Hope you learned a few tidbits.
All the best.
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