Summit County Real Estate Market Trends for March 2022

Image - Summit County Real Estate Market Trends for March 2022Land Title Guarantee Company recently released its monthly Summit County Real Estate Market Trends for March 2022. On a seasonal basis, March falls squarely 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.

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 March 2022 to the month of March in recent years, the totals were as follows:

  • March 2011 – $45,046,200 generated from 103 transactions
  • March 2012 – $38,893,960 generated from 86 transactions
  • March 2013 – $55,149,780 generated from 128 transactions
  • March 2014 – $67,244,100 generated from 125 transactions
  • March 2015 – $83,058,500 generated from 149 transactions
  • March 2016 – $86,347,800 generated from 136 transactions
  • March 2017 – $123,142,000 generated from 178 transactions
  • March 2018 – $86,558,600 generated from 140 transactions
  • March 2019 – $101,948,344 generated from 135 transactions
  • March 2020 – $99,852,065 generated from 134 transactions
  • March 2021 – $226,309,300 generated from 260 transactions
  • March 2022 – $188,605,550 generated from 165 transactions

Looking at the preceding numbers, the total dollar volume of sales in March 2022 decreased 17% from March 2021. And, as tight Summit County housing inventory continued, the number of real estate transactions in Summit County in March 2022 decreased 37% from the frenzied activity of March 2021.

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

  • 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 increased 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.
  • In November 2021, the number of real estate transactions in Summit County decreased 40% from November 2020, and the total dollar volume of sales in November 2021 increased 25% from November 2020.
  • In October 2021, the number of real estate transactions in Summit County decreased 26% from October 2020, and the total dollar volume of sales in October 2021 increased 20% from October 2020.
  • In September 2021, the number of real estate transactions in Summit County decreased 28% from September 2020, and the total dollar volume of sales in September 2021 decreased 10% from September 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 rule changes.

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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.