Land Title Guarantee Company recently released its monthly Summit County Real Estate Market Trends for November 2021. On a seasonal basis, November falls toward the end of the busiest season of the calendar year for local 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 November 2021 to the month of November in recent years, the totals were as follows:

• November 2011 – $761,748,100 generated from 152 transactions
• November 2012 – $74,734,600 generated from 215 transactions
• November 2013 – $89,196,800 generated from 197 transactions
• November 2014 – $104,587,700 generated from 216 transactions
• November 2015 – $109,915,500 generated from 205 transactions
• November 2016 – $184,563,658 generated from 268 transactions
• November 2017 – $151,871,354 generated from 230 transactions
• November 2018 – $153,815,804 generated from 227 transactions
• November 2019 – $168,612,665 generated from 231 transactions
• November 2020 – $355,464,800 generated from 394 transactions
• November 2021 – $268,148,104 generated from 238 transactions

In the spring of 2020 when the pandemic arrived, it caused a momentary shutdown of many things, including the local real estate market. However, by the time November 2020 arrived, the local real estate market had completed a significant turnaround from setbacks caused by the Covid-19 pandemic lockdown in the spring of 2020. In fact, real estate buyers flocked to Summit County from the second half of 2020 through the first half of 2021. In 2021, listing inventory in Summit County continued to remain scarce, and property values generally continued to increase. However, during the second half of 2021, the Summit County dollar volume and transaction numbers did not continue to mount ever-increasing gains when comparing 2021 to 2020. More specifically, the total dollar volume of sales in November 2021 decreased 25% from November 2020. Likewise, the number of real estate transactions in Summit County in November 2021 actually decreased 40% from the frenzied activity of November 2020.

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

• 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 decreased 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.
• In August 2021, the number of real estate transactions in Summit County decreased 29% from August 2020, and the total dollar volume of sales in August 2021 increased 4% from August 2020.
• In July 2021, the number of real estate transactions in Summit County increased 6% from July 2020, and the total dollar volume of sales in July 2021 increased 32% from July 2020.
• In June 2021, the number of real estate transactions in Summit County increased 304% from June 2020, and the total dollar volume of sales in June 2021 increased 173% from June 2020.
• In May 2021, the number of real estate transactions in Summit County increased 304% from May 2020, and the total dollar volume of sales in May 2021 increased 173% from May 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.