Summit County Real Estate Market Trends for May 2021
Land Title Guarantee Company recently released its monthly Summit County Real Estate Market Trends for May 2021. On a seasonal basis, May falls in the midst of the slower season of the year for local real estate. The Summit County real estate market has its highest level of activity during the summer and early 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 May 2021 to the month of May in recent years, the totals were as follows:
- May 2011 – $56,177,600 generated from 107 transactions
- May 2012 – $73,173,000 generated from 145 transactions
- May 2013 – $94,375,050 generated from 165 transactions
- May 2014 – $96,773,950 generated from 181 transactions
- May 2015 – $116,330,500 generated from 205 transactions
- May 2016 – $114,889,906 generated from 197 transactions
- May 2017 – $126,580,300 generated from 197 transactions
- May 2018 – $136,423,916 generated from 196 transactions
- May 2019 – $158,950,200 generated from 222 transactions
- May 2020 – $66,469,300 generated from 92 transactions
- May 2021 – $268,489,073 generated from 251 transactions
In May 2021, the local real estate market continued a terrific turn-around from setbacks caused by the Covid-19 pandemic lockdown in the spring of 2020. The total dollar volume of sales in May 2021 rocketed upward an amazing 304% from May 2020. And, the number of real estate transactions in Summit County in May 2021 likewise surged 173% from May 2020. Of course, it is important to remember that May 2020 fell in the midst of the pandemic lockdown in Summit County. By May, all local resorts continued to be closed with short-term rentals vacated and transportation services suspended. Consequently, with almost no visitation or other individual activity permitted locally in portions of May 2020, it is unsurprising to see that the local real estate market in May 2021 fared so much better.
To recap Summit County real estate market trends from recent months:
- In April 2021, the number of real estate transactions in Summit County increased 242% from April 2020, and the total dollar volume of sales in April 2021 increased 151% from April 2020.
- In March 2021, the number of real estate transactions in Summit County increased 95% from March 2020, and the total dollar volume of sales in March 2021 increased 127% from March 2020.
- In February 2021, the number of real estate transactions in Summit County increased 20% from February 2020, and the total dollar volume of sales in February 2021 increased 23% from February 2020.
- In January 2021, the number of real estate transactions in Summit County increased 19% from January 2020, and the total dollar volume of sales in January 2021 surged 32% from January 2020.
- In December 2020, the number of real estate transactions in Summit County increased 23% from December 2019, and the total dollar volume of sales in December 2020 increased 30% from December 2019.
- In November 2020, the number of real estate transactions in Summit County increased 71% from November 2019, and the total dollar volume of sales in November 2020 increased 111% from November 2019.
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.
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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.
