Summit County Real Estate Market Trends for October 2021

Image - Summit County Real Estate Market Trends for October 2021Land Title Guarantee Company recently released its monthly Summit County Real Estate Market Trends for October 2021. On a seasonal basis, October 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 October 2021 to the month of October in recent years, the totals were as follows:

  • October 2011 – $73,125,800 generated from 171 transactions
  • October 2012 – $114,295,400 generated from 240 transactions
  • October 2013 – $114,722,935 generated from 251 transactions
  • October 2014 – $130,161,800 generated from 265 transactions
  • October 2015 – $156,891,050 generated from 284 transactions
  • October 2016 – $149,691,558 generated from 263 transactions
  • October 2017 – $213,311,500 generated from 322 transactions
  • October 2018 – $182,673,300 generated from 236 transactions
  • October 2019 – $199,109,927 generated from 285 transactions
  • October 2020 – $360,036,310 generated from 442 transactions
  • October 2021 – $432,497,649 generated from 325 transactions

By the time October 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. Accordingly, property values increased in the local real estate market during October 2021, and listing inventory continued to remain scarce. And, the 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 October 2021 increased 20% from October 2020. However, the number of real estate transactions in Summit County in October 2021 actually decreased 26% from the frenzied activity of October 2020.

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

  • 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.
  • 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.

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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Property listing data provided by Summit County multiple listing service. All information provided is deemed reliable but is not guaranteed and should be independently verified. The advertisements herein are merely indications to bid and are not offers to sell which may be accepted. All properties are subject to prior sale or withdrawal. The sale offering is made subject to errors, omissions, change of price, prior sale or withdrawal without notice.
Listing Data last updated: 05/17/2024 06:47 PM
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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.