Summit County, Ohio is located in northeastern, Ohio just south of Cleveland. It is the highest elevation on the Ohio and Erie Canal with a 2007 population estimate of 543,487.
Real estate sales (number of units sold) have declined over the past four years to it's lowest level in some time. Sales trends appear to be similar in each of the four years studied (2005, 2006, 2007, and 2008).
Sales of residential properties rallied in June, 2008 and nearly matched the sales total for 2007.
Typically peak sales periods for any given year tend to be from April through October. That trend seems to have held true for each of the past four years. After peaking in June, 2008, Summit County sales dropped off steeply in July (keeping consistent with sales patterns in previous years).
When we take the maximum sales from 2005 - 2007 (blue line) and the minimum sales from 2005 - 2007 (black line) and compare those figures with 2008 sales, we see that 2008 sales falls below the minimum sales of the past three years.
May failed to keep up with the expected trend in sales with a huge recovery posted in June.
Summit County, Ohio sales trends indicate decreased production when compared to previous years. It is anticipated that sales will continue at current trends with sales continuing to be lower than prior years. Sales data will continue to be charted to see if the market will experience an upturn over the next several months.
Summit County, Ohio residential real estate sales have declined steadily from it's peak period in 2004.
Sales in 2007 were 3,561 units lower than 2004.
Since 2004, residential real estate sales have declined by nearly 1,000 units per year. Sales between 2006 and 2007 declined a little more than 1,700 units.
Presently, Summit County, Ohio unit sales trends tend to be moving in a downward direction with no indication of a reversal in the near future. Trend data will continue to be monitored for signs of future recovery.
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