August Sales Lagging Because Of Limited Properties Available In Summit County

The sales in the real estate sector has been a dead end in comparison to last year and it is not because of lower demands but because there are no properties to be sold.

In previous years, August proved to be a big month when it comes to real estate in the county but this year is different as it remained flat. For this month, the increase in sales compared to last year is only 13 properties more. For the months of July and August, the total sales were only 21 and it has reached more than $1 million for 2016. Last year, the month of August alone has two more sales and it has reached the same price range. This year’s month of August has a slight increase compared to the total sales last year but it is not that high considering that it is only a bit more than $1.1 million.

It is still expected that there will still be demand for housing thus buyers will more likely head to Summit County. According to Dennis Clauer who is a broker working for Real Estate of the Summit Inc., he usually publishes a monthly update regarding the real estate market and it shows that the median sales price in this year’s year-to-date has only increased by 13 per cent compared to the same time in the previous year. This is mainly because of the limited properties available in the inventory. He added that the townhouse and condos listed in the market has also dropped during the month of August by 54 per cent compared to the same period of last year.

The owner of O’Brien & Associates Real Eastate Inc, Eddie O’Brien, said that he is in agreement. He also added that the biggest problem with Summit County’s real estate market is that there is not enough places in which they can sell.

This drives the prices higher which is good news for the seller but it means lower number when it comes to sales in which they could have gotten more if they have more available properties for sale that are either lower to mid-range. This is opposite in Thailand because there are more projects coming along and more Bangkok condo for sale for both local and foreign investors.

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