Land Title Guarantee Company (“LTGC”) recently released its monthly Summit County Real Estate Market Trends for February 2023. On a seasonal basis, February falls in the midst of the slower winter season for Summit County real estate. Historically, the Summit County real estate market has its highest level of activity during the summer and 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 February 2023 to the month of February in recent years, the totals were as follows:

• February 2011 – $38,516,800 generated from 90 transactions
• February 2012 – $43,683,600 generated from 81 transactions
• February 2013 – $45,837,653 generated from 116 transactions
• February 2014 – $44,671,060 generated from 91 transactions
• February 2015 – $50,326,500 generated from 106 transactions
• February 2016 – $66,997,100 generated from 126 transactions
• February 2017 – $71,152,600 generated from 116 transactions
• February 2018 – $89,403,682 generated from 139 transactions
• February 2019 – $104,726,584 generated from 138 transactions
• February 2020 – $108,221,070 generated from 134 transactions
• February 2021 – $132,914,988 generated from 151 transactions
• February 2022 – $120,161,549 generated from 107 transactions
• February 2023 – $117,407,701 generated from 91 transactions

Looking at the preceding numbers, the total dollar volume of sales in February 2023 showed a slight decrease of 2.3% from February 2022. Additionally, the number of real estate transactions in Summit County in February 2023 decreased by approximately 14.95% from February 2022.

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

• In January 2023, the number of real estate transactions in Summit County decreased by approximately 48.4% from January 2022, and the total dollar volume of sales in January 2023 decreased by approximately 57.9% from January 2022.
• In December 2022, the number of real estate transactions in Summit County decreased by approximately 33.9% from December 2021, and the total dollar volume of sales in December 2022 decreased by approximately 18.9% from December 2021.
• In November 2022, the number of real estate transactions in Summit County decreased by approximately 43.7% from November 2021, and the total dollar volume of sales in November 2022 decreased by approximately 34.5% from November 2021.
• In October 2022, the number of real estate transactions in Summit County decreased by approximately 49.2% from October 2021, and the total dollar volume of sales in October 2022 decreased by approximately 57.1% from October 2021.
• In September 2022, the number of real estate transactions in Summit County decreased by approximately 35.1% from September 2021, and the total dollar volume of sales in September 2022 decreased by approximately 33.8% from September 2021.
• In August 2022, the number of real estate transactions in Summit County decreased by 26% from August 2021, and the total dollar volume of sales in August 2022 decreased by 30.4% from August 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.