Summit County Real Estate Market Trends for November 2022

Image - Summit County Real Estate Market Trends for November 2022

Land Title Guarantee Company (“LTGC”) recently released its monthly Summit County Real Estate Market Trends for November 2022. On a seasonal basis, November 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 November 2022 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
  • November 2022 – $175,638,348 generated from 134 transactions

Looking at the preceding numbers, the total dollar volume of sales in November 2022 decreased by approximately 34.5% from November 2021. Additionally, as tight Summit County housing inventory continued, the number of real estate transactions in Summit County in November 2022 decreased by approximately 43.7% from the frenetically paced activity of November 2021.

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

  • In October 2022, the number of real estate transactions in Summit County decreased by approximately 49.2% from October 2021, and the total dollar volume of sales in October 2022 decreased by approximately 57.1% from October 2021.
  • In September 2022, the number of real estate transactions in Summit County decreased by approximately 35.1% from September 2021, and the total dollar volume of sales in September 2022 decreased by approximately 33.8% from September 2021.
  • In August 2022, the number of real estate transactions in Summit County decreased by 26% from August 2021, and the total dollar volume of sales in August 2022 decreased by 30.4% from August 2021.
  • In July 2022, the number of real estate transactions in Summit County decreased by 46.3% from July 2021, and the total dollar volume of sales in July 2022 decreased by 19.5% from July 2021.
  • In June 2022, the number of real estate transactions in Summit County decreased by 43.5% from June 2021, and the total dollar volume of sales in June 2022 decreased by 36.6% from June 2021.
  • In May 2022, the number of real estate transactions in Summit County decreased by 38% from May 2021, and the total dollar volume of sales in May 2022 decreased by 12% from May 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.