This is the time of year where the most frequently asked question becomes, “How did the market do this year compared to last year?”
Today I’m happy to share your 2019 market summary for Stark and Summit counties as compared to 2018.
Last year, Stark County had 4,600 residential sales. The average price was $147,000, and the average days on market was 65.
For 2019, Stark saw a slight dip in residential sales with 4,400. The average price increased to $160,000, and the average days on market decreased to 60.
“Since the number of sales in both counties is down this year, we’re still dealing with low housing inventory.”
Last year, Summit County had 7,900 residential sales. The average price was $167,000, and the average days on market was 74.
Summit saw a larger dip in residential sales than Stark did (7,200 for 2019), but similarly, the average sale price increased ($175,000) and the average days on market fell to 66.
Those are the numbers, but what does this really tell you?
Since the number of sales in both counties is down this year, we’re still dealing with low housing inventory. It’s nothing new, though; low inventory has characterized our market for five years now.
In turn, means that home values in both counties have increased—9% in Stark and 5% in Summit.
The bottom line: If you’re a homeowner wanting to sell, it’s still a great time to do so.
Feel free to give us a call or send us an email today so we can help you make the most of the market and achieve your real estate goals. We’re always happy to hear from you.