November 2022 Summit County Market Update

Condos and townhomes continued to appreciate in price in October, both YoY and MoM. The appreciation YoY slowed from September, from 12.1% to 3.6%, but MoM average price went from $794,397 to $805,101. The trends for number of closed units and available inventory showed a similar trajectory to September, with number of closed units decreasing by -45.8% from 168 a year ago to 91 in October 2022. Inventory went up by over 30% to 329 units.

Single family homes in Summit on the other hand continue to decrease in price, going down over $200,000 on average YoY, coming in at $2,006,225 in October, which is higher than September’s average price of $1,933,610. Similar to condos and townhomes, closed sales dropped by 46% YoY, with 41 single family homes closed in October 2022. While lower than inventory of attached homes, which is typical, the growth in inventory was a magnitude of 70.6%, or 145 homes, which is down from September’s inventory of 177 units.

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