Our Real Estate Blog

Columbiana County Real Estate Market Indicators April 2012

The Columbiana County real estate market has shown some significant improvement for the first four months of 2012.

Pending sales are up 21.4% year-to-date compared to the same period in 2011, and closed sales are up 20.4%.  The average sales price of $82,866 is up 7.3% and the median sales price of $67,400, is also up 2.1%.

The current inventory of homes for sale is at a 9.4 months' supply, down from a 12.9 months' supply in April of 2011.

The sharp increase in pending sales is the highest number we have seen since 2007 before the real estate decline really hit us here in Northeast Ohio. This is a welcome change and good news for homeowners in Columbiana County.

To see a complete report with charts and graphs dating back to 2004, click on '1 Attachment' in the gray bar below this blog post.

Trumbull County Real Estate Market Indicators April 2012

The real estate market in Trumbull County continues to trend in a positive direction.  

Year to Date 2012 compared to the same period in 2011 comparisons:

  • New listings taken are down 16.8% and overall inventory is down 23%, bringing the months' supply of inventory down to 8.9 months from 12.3 months in April of 2011. 
  • Pending sales are up 6.1% and closed sales are up 4.9%.  It is taking, on average, 173 days from listing to closing, up 4.6%, and homeowners are getting an average of 85.4% of their listing price, showing no significant change from last year.
  • The median sales price of $67,700 is up 6.6% over last year, and the average sales price of $78,137 is also up by 6.3%.

The market improvement, although less than dramatic, continues to trend in a positive direction.  Lenders are beginning to expand their loan products and guidelines helping more buyers qualify for loans.  This is good news for homeowners and perspective buyers and, hopefully, will lead to a more normalized marketplace where more sellers can sell and more buyers can buy.

To read the complete report including charts and graphs going back to 2004, click on '1 Attachment' in the gray bar below this blog post.

Mahoning County Real Estate Market Indicators Feb 2012

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.