Land Title Guarantee Company (“LTGC”) recently released its monthly Summit County Real Estate Market Trends for May 2023. On a seasonal basis, May 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 May 2023 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
• May 2023 – $150,213,217 generated from 135 transactions

Looking at the preceding numbers, the total dollar volume of sales in May 2023 decreased by approximately 36.1% from May 2022. Additionally, the number of real estate transactions in Summit County in May 2023 decreased by approximately 13.5% from May 2022.

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

• In April 2023, the number of real estate transactions in Summit County decreased by approximately 30.1% from April 2022, and the total dollar volume of sales in April 2023 decreased by approximately 38.8% from April 2022.
• In March 2023, the number of real estate transactions in Summit County decreased by approximately 26.1% from March 2022, and the total dollar volume of sales in March 2023 decreased by approximately 31.7% from March 2022.
• In February 2023, the number of real estate transactions in Summit County decreased by approximately 14.95% from February 2022, and the total dollar volume of sales in February 2023 showed a slight decrease of 2.3% from February 2022.
• In January 2023, the number of real estate transactions in Summit County decreased by approximately 48.4% from January 2022, and the total dollar volume of sales in January 2023 decreased by approximately 57.9% from January 2022.
• In December 2022, the number of real estate transactions in Summit County decreased by approximately 33.9% from December 2021, and the total dollar volume of sales in December 2022 decreased by approximately 18.9% from December 2021.
• In November 2022, the number of real estate transactions in Summit County decreased by approximately 43.7% from November 2021, and the total dollar volume of sales in November 2022 decreased by approximately 34.5% from November 2021.

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.