Summit County Real Estate Market Trends for January 2023

Image - Summit County Real Estate Market Trends for January 2023

Land Title Guarantee Company (“LTGC”) recently released its monthly Summit County Real Estate Market Trends for January 2023. On a seasonal basis, January 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 January 2023 to the month of January in recent years, the totals were as follows:

  • January 2011 – $44,042,400 generated from 90 transactions
  • January 2012 – $42,663,800 generated from 102 transactions
  • January 2013 – $62,235,670 generated from 116 transactions
  • January 2014 – $53,073,051 generated from 107 transactions
  • January 2015 – $66,536,300 generated from 127 transactions
  • January 2016 – $63,231,650 generated from 124 transactions
  • January 2017 – $91,901,074 generated from 138 transactions
  • January 2018 – $87,565,946 generated from 146 transactions
  • January 2019 – $113,690,300 generated from 138 transactions
  • January 2020 – $98,820,800 generated from 134 transactions
  • January 2021 – $129,958,844 generated from 160 transactions
  • January 2022 – $166,258,421 generated from 124 transactions
  • January 2023 – $70,101,194 generated from 64 transactions

Looking at the preceding numbers, the total dollar volume of sales in January 2023 decreased by approximately 57.9% from January 2022. Additionally, as tight Summit County housing inventory continued, the number of real estate transactions in Summit County in January 2023 decreased by approximately 48.4% from the frenetically paced activity of January 2022.

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

  • 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.
  • In July 2022, the number of real estate transactions in Summit County decreased by 46.3% from July 2021, and the total dollar volume of sales in July 2022 decreased by 19.5% from July 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.