Land Title Guarantee Company (“LTGC”) recently released its monthly Summit County Real Estate Market Trends for August 2022. On a seasonal basis, August falls in the midst of the busiest season of the calendar year for local real estate. Historically, the Summit County real estate market has its highest level of activity during the summer and early fall. With all that said, we have seen occasional anomalies in recent years where Summit County real estate activity did not follow the historical seasonal trend.

As part of its analysis, LTGC provided the monthly percentage change in total dollar volume & total number of real estate transactions across Summit County. Comparing August 2022 to the month of August in recent years, the totals were as follows:

• August 2011 – $65,898,700 generated from 150 transactions
• August 2012 – $71,800,475 generated from 162 transactions
• August 2013 – $108,430,700 generated from 221 transactions
• August 2014 – $95,422,383 generated from 214 transactions
• August 2015 – $142,534,040 generated from 267 transactions
• August 2016 – $139,223,249 generated from 282 transactions
• August 2017 – $170,248,375 generated from 272 transactions
• August 2018 – $235,727,859 generated from 319 transactions
• August 2019 – $239,126,600 generated from 261 transactions
• August 2020 – $293,252,195 generated from 368 transactions
• August 2021 – $304,177,859 generated from 262 transactions
• August 2022 – $211,817,519 generated from 194 transactions

Looking at the preceding numbers, the total dollar volume of sales in August 2022 decreased by approximately 30.4% from August 2021. Additionally, as tight Summit County housing inventory continued, the number of real estate transactions in Summit County in August 2022 decreased by approximately 26.0% from the frenetically paced activity of August 2021.

To recap Summit County real estate market trends from recent months:

• In July 2022, the number of real estate transactions in Summit County decreased 46.3% from July 2021, and the total dollar volume of sales in July 2022 decreased 19.5% from July 2021.
• In June 2022, the number of real estate transactions in Summit County decreased 43.5% from June 2021, and the total dollar volume of sales in June 2022 decreased 36.6% from June 2021.
• In May 2022, the number of real estate transactions in Summit County decreased 38% from May 2021, and the total dollar volume of sales in May 2022 decreased 12% from May 2021.
• In April 2022, the number of real estate transactions in Summit County decreased 32% from April 2021, and the total dollar volume of sales in April 2022 increased 2% from April 2021.
• In March 2022, the number of real estate transactions in Summit County decreased 37% from March 2021, and the total dollar volume of sales in March 2022 decreased 17% from March 2021.
• In February 2022, the number of real estate transactions in Summit County decreased 29% from February 2021, and the total dollar volume of sales in February 2022 decreased 10% from February 2021.

If you’re interested in buying a Summit County home, there are lots of great opportunities available. Please don’t hesitate to contact Philip for help. And, I’ve also recently written about the recent Summit County short-term rental rule changes.

The market analysis information and representations regarding market analysis above are based in whole or in part on information provided by Land Title Guarantee Company. Although the information above is believed to be true and correct, the information cannot be guaranteed. Therefore, neither SummitRealtor.com nor Land Title Guarantee Company can in any way be held responsible for its accuracy. The data above does not reflect all real estate activity in the market.