Summit County Real Estate Market Trends for June 2022

Image - Summit County Real Estate Market Trends for June 2022

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

  • June 2011 – $65,751,300 generated from 104 transactions
  • June 2012 – $56,820,400 generated from 124 transactions
  • June 2013 – $70,371,650 generated from 151 transactions
  • June 2014 – $69,830,150 generated from 155 transactions
  • June 2015 – $129,754,349 generated from 262 transactions
  • June 2016 – $113,032,009 generated from 220 transactions
  • June 2017 – $136,189,679 generated from 234 transactions
  • June 2018 – $172,302,600 generated from 249 transactions
  • June 2019 – $125,183,437 generated from 179 transactions
  • June 2020 – $107,532,390 generated from 121 transactions
  • June 2021 – $296,954,321 generated from 285 transactions
  • June 2022 – $188,302,246 generated from 161 transactions

Looking at the preceding numbers, the total dollar volume of sales in June 2022 decreased by approximately 36.6% from June 2021. Additionally, as tight Summit County housing inventory continued, the number of real estate transactions in Summit County in June 2022 decreased by approximately 43.5% from the frenetically paced activity of June 2021.

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

  • 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.
  • In December 2021, the number of real estate transactions in Summit County decreased 35% from December 2020, and the total dollar volume of sales in December 2021 decreased 13% from December 2020.

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.