Land Title Guarantee Company (“LTGC”) recently released its monthly Summit County Real Estate Market Trends for September 2022. On a seasonal basis, September falls in the midst 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. 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 September 2022 to the month of September in recent years, the totals were as follows:

• September 2011 – $79,799,400 generated from 162 transactions
• September 2012 – $90,330,100 generated from 164 transactions
• September 2013 – $111,130,100 generated from 254 transactions
• September 2014 – $147,078,700 generated from 286 transactions
• September 2015 – $165,716,318 generated from 301 transactions
• September 2016 – $174,179,706 generated from 297 transactions
• September 2017 – $159,591,700 generated from 248 transactions
• September 2018 – $161,902,700 generated from 259 transactions
• September 2019 – $183,940,073 generated from 245 transactions
• September 2020 – $344,080,274 generated from 384 transactions
• September 2021 – $308,991,831 generated from 276 transactions
• September 2022 – $204,519,395 generated from 179 transactions

Looking at the preceding numbers, the total dollar volume of sales in September 2022 decreased by approximately 33.8% from September 2021. Additionally, as tight Summit County housing inventory continued, the number of real estate transactions in Summit County in September 2022 decreased by approximately 35.1% from the frenetically paced activity of September 2021.

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

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

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.