August 2022 Summit County Market Update

Single family homes in Summit County reversed course from June with a decrease in average price of -7.3% YOY coming in at $1,587,052, compared to $1,711,300 in July 2021. June and July of 2021 had a similar average price and I would hesitate to call this a complete market shift until we see what direction the trend will be for August, but it is clear that July was not as strong as June for single family homes with June having shown a increase of 13% YOY and July a decrease of 7%. The number of closed sales dropped even more YOY compared to last month (-60.6% vs. -38%) and inventory increased by 71.2% (it was 60% last month) showing the trend of buyers having more choices continues.

Condos and townhomes statistics in July were very different from single family homes, with average price increasing by 33.2%, going from $660,986 in July 2021 to $880,427 in July 2022 and from $816,195 a month prior in June 2022. The number of closed sales dropped from 131 to 52 and inventory increased from 330 to 377 YOY, or by 14.2%.

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