Land Title Guarantee Company (“LTGC”) recently released its monthly Summit County Real Estate Market Trends for March 2024. On a seasonal basis, March 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 March 2024 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
• March 2023 – $128,782,372 generated from 122 transactions
• March 2024 – $126,530,463 generated from 105 transactions

Looking at the preceding numbers, the total dollar volume of sales in March 2024 decreased by approximately 1.75% from March 2023. Additionally, the number of real estate transactions in Summit County in March 2024 decreased by approximately 13.93% from March 2023.

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

• In February 2024, the number of real estate transactions in Summit County increased by approximately 35.2% from February 2023, and the total dollar volume of sales in February 2024 increased by approximately 41.5% from February 2023.
• In January 2024, the number of real estate transactions in Summit County increased by approximately 17.2% from January 2023, and the total dollar volume of sales in January 2024 increased by approximately 25.3% from January 2023.
• In December 2023, the number of real estate transactions in Summit County increased by approximately 5.8% from December 2022, and the total dollar volume of sales in December 2023 increased by approximately 7.6% from December 2022.
• In November 2023, the number of real estate transactions in Summit County decreased by approximately 10.4% from November 2022, and the total dollar volume of sales in November 2023 decreased by approximately 9.9% from November 2022.
• In October 2023, the number of real estate transactions in Summit County increased by approximately 1.8% from October 2022, and the total dollar volume of sales in October 2023 increased by approximately 3.9% from October 2022.
• In September 2023, the number of real estate transactions in Summit County decreased by approximately 1.7% from September 2022, and the total dollar volume of sales in September 2023 increased by approximately 28% from September 2022.

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.