Land Title Guarantee Company recently released its monthly Summit County Real Estate Market Trends for May 2022. On a seasonal basis, May falls at the end 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 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 2022 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
• May 2022 – $234,963,489 generated from 156 transactions

Looking at the preceding numbers, the total dollar volume of sales in May 2022 decreased 12% from May 2021. Additionally, as tight Summit County housing inventory continued, the number of real estate transactions in Summit County in May 2022 decreased 38% from the frenetically paced activity of May 2021.

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

• 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.
• 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.

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.