Land Title Guarantee Company (“LTGC”) recently released its monthly Summit County Real Estate Market Trends for August 2023. 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 2023 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
• August 2023 – $207,167,239 generated from 179 transactions

Looking at the preceding numbers, the total dollar volume of sales in August 2023 decreased by approximately 2.2% from August 2022. Additionally, the number of real estate transactions in Summit County in August 2023 decreased by approximately 7.7% from August 2022.

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

• In July 2023, the number of real estate transactions in Summit County increased by approximately 10.6% from July 2022, and the total dollar volume of sales in July 2023 decreased by approximately 14% from July 2022.
• In June 2023, the number of real estate transactions in Summit County decreased by approximately 20.5% from June 2022, and the total dollar volume of sales in June 2023 decreased by approximately 24.6% from June 2022.
• In May 2023, the number of real estate transactions in Summit County decreased by approximately 13.5% from May 2022, and the total dollar volume of sales in May 2023 decreased by approximately 36.1% from May 2022.
• In April 2023, the number of real estate transactions in Summit County decreased by approximately 30.1% from April 2022, and the total dollar volume of sales in April 2023 decreased by approximately 38.8% from April 2022.
• In March 2023, the number of real estate transactions in Summit County decreased by approximately 26.1% from March 2022, and the total dollar volume of sales in March 2023 decreased by approximately 31.7% from March 2022.
• In February 2023, the number of real estate transactions in Summit County decreased by approximately 14.95% from February 2022, and the total dollar volume of sales in February 2023 showed a slight decrease of 2.3% from February 2022.

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.