Summit County Real Estate Market Trends for July 2022

Image - Summit County Real Estate Market Trends for July 2022

Land Title Guarantee Company (“LTGC”) recently released its monthly Summit County Real Estate Market Trends for July 2022. On a seasonal basis, July falls within 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 July 2022 to the month of July in recent years, the totals were as follows:

  • July 2011 – $35,555,500 generated from 98 transactions
  • July 2012 – $65,197,855 generated from 131 transactions
  • July 2013 – $80,849,879 generated from 163 transactions
  • July 2014 – $95,597,625 generated from 201 transactions
  • July 2015 – $117,921,469 generated from 202 transactions
  • July 2016 – $104,621,918 generated from 215 transactions
  • July 2017 – $147,927,102 generated from 253 transactions
  • July 2018 – $151,066,431 generated from 211 transactions
  • July 2019 – $168,936,483 generated from 218 transactions
  • July 2020 – $185,123,589 generated from 231 transactions
  • July 2021 – $243,969,600 generated from 246 transactions
  • July 2022 – $196,469,376 generated from 132 transactions

Looking at the preceding numbers, the total dollar volume of sales in July 2022 decreased by approximately 19.5% from July 2021. Additionally, as tight Summit County housing inventory continued, the number of real estate transactions in Summit County in July 2022 decreased by approximately 46.3% from the frenetically paced activity of July 2021.

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

  • 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.
  • In January 2022, the number of real estate transactions in Summit County decreased 23% from January 2021, and the total dollar volume of sales in January 2022 increased 28% from January 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 regulation 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.