Land Title Guarantee Company (“LTGC”) recently released its monthly Summit County Real Estate Market Trends for August 2024. 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 2024 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
• August 2024 – $229,736,794 generated from 156 transactions

Looking at the preceding numbers, the total dollar volume of sales in August 2024 increased by approximately 10.9% from August 2023. However, the number of real estate transactions in Summit County in August 2024 decreased by approximately 12.8% from August 2023.

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

• In July 2024, the number of real estate transactions in Summit County increased by approximately 8.2% from July 2023, and the total dollar volume of sales in July 2024 increased by approximately 18.8% from July 2023.
• In June 2024, the number of real estate transactions in Summit County decreased by approximately 20.3% from June 2023, and the total dollar volume of sales in June 2024 decreased by approximately 10% from June 2023.
• In May 2024, the number of real estate transactions in Summit County increased by approximately 8.9% from May 2023, and the total dollar volume of sales in May 2024 increased by approximately 26.9% from May 2023.
• In April 2024, the number of real estate transactions in Summit County increased by approximately 15.6% from April 2023, and the total dollar volume of sales in April 2024 increased by approximately 73.8% from April 2023.
• In March 2024, the number of real estate transactions in Summit County decreased by approximately 13.93% from March 2023, and the total dollar volume of sales in March 2024 decreased by approximately 1.75% from March 2023.
• In February 2024, the number of real estate transactions in Summit County increased by approximately 35.2% from February 2023, and the total dollar volume of sales in February 2024 increased by approximately 41.5% from February 2023.

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 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.