Single family homes in Summit County had a strong increase of almost 30% YOY in May, a 16.3% decrease in number of closed sales, and about 25% increase in inventory, which is good news for buyers. Comparing that to month over month, there was an increase in average price from $2,127,571 in April to $2,260,441 in May. Both number of closed sales and inventory went up MOM.
Condos and townhomes in Summit County showed a similar pattern YOY to single family homes, but at different magnitudes. Average price increase was also in the double-digits at over 21%, but there was a lot larger decrease in number of closed sales, and much smaller increase in inventory YOU at -37.1% and +7.4%, respectively.
The month over month numbers showed that price held almost the same – $875,162 in April 2022 to $871,232 in May. Number of sales went from 90 in April to 73 in May, but inventory increased from 234 to 290.
The price increases are still very significant YOY but with increased inventory and higher interest rates, it will be interesting to see which one will have a bigger impact on buyers.