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According to the Monthly Indicator Report for February 2012 provided by the Mahoning Columbiana Association of REALTORS® the statistics are showing improvement and it's looking like we should enjoy a slightly healthier real estate market in 2012.   To see the full report and the charts and graphs, click on the '1 attachment' in the gray bar below this post.

The inventory of available homes is down, pending sales and closed sales are up, and the average sale price is about the same, so perhaps prices are leveling off and will start to go up again as demand increases.

It's going to take some time for home prices to recover.  However, if you are selling your home locally and buying locally, although you will likely get less for your current home than you would like, you will also be buying your new home for less . . . it kind of evens itself out.  And, there is a real good chance the interest rates are lower now than when you committed to your current mortgage, so it's worth doing the math, recognizing the potential financial advantage, and pricing your home to sell.

First time home buyers are at a real advantage now, as long as their credit is good and they can qualify for a loan.  Obviously interest rates continue to hover at record low levels, and home prices are 'we hope' about as low as they are going to go.   There are also special financing programs and grants available to qualified first timers.

Market Indicators through February 2012 show some real improvement in the housing market in Columbiana County.  To see all the graphs and bar charts, click on the attached Market Report courtesy of the Youngstown-Columbiana Board of REALTORS® (click on '1 attachment' in the gray bar below this post).

Pending sales are up slightly and closed sales are up significantly, 52.9% year to date 2012 vs 2011.  The average sales price is up 22% year to date, and sellers are getting an average of 86% of their asking price.  Inventory of available homes is down to an 8.5 months supply vs an 11 months supply in February 2011.  These are all good signs that we are headed in the right direction!

What's going on in the real estate market in Trumbull County?  Open the attached file (where it says "1 attachment" in the gray bar next to the Share This tool) to view the charts and graphs provided by the Warren Area Board of REALTORS®.

Year over year, as well as year to date statistics show a significant increase in pending and closed sales, with sales prices averaging at around 85% of listing prices.  The monthly supply of inventory is at near historic lows when compared all years back to 2004, and stands now at approximately a 9 month supply.  Average sales prices show no significant change.  Back in 2004 the average sales price was approximately $88,000 compared to the present average of $74,000.  It's going to take some time with steady improvement in the market for prices to rise back to the level when many homeowners bought their homes in 2003 to 2006.  The good news is that the real estate market is showing improvement!  As slow as it may be, at least it's not going in the 'wrong' direction!

Sylvia, born and raised in the Youngstown area and a graduate of Boardman High School, has been a licensed real estate professional since 1988. Previous to getting her real estate license, she worked as an administrator in a real estate company from 1976 through 1986. Her over 30 years experience is marked by outstanding service and success year after year.

Chuck Heffner adds to Lakeside Realty's well-rounded staff of professionals with his deep commercial experience.

Chuck leads by example and provides high quality service and professional guidance to all his clients.

Contact Chuck for all your real estate needs.