Trumbull County Housing Market Trends

Local Tri-County Housing Market Update

Submitted by Annette DePalmo on Tue, 2017-10-24 15:16

Real estate markets are local.  So the trends and statistics reported on national, or even regional, housing activity may be very different from what is happening here in the Mahoning Valley.

When you're a real estate broker, people always ask you 'how is the market?'  I feel like I should have some kind of canned answer for that question, but I don't.  It's complicated, and it's different by community, by neighborhood, and also by price range. That's why it's important to be informed about what homes are selling for in your particular community and neighborhood before making any selling or buying decisions.

Speaking in generalities for our tri-county area, median sale prices have been steadily increasing at a slow pace for the past several years. Pendings and sales are holding steady despite the fact that there are fewer and fewer homes for sale to pick from. Now we're approaching the holiday season, so I don't anticipate we will see much of a spike in new listings until after the new year, which can be very frustrating for would-be buyers in the more desirable areas.

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Trumbull County Real Estate Market Indicators April 2012

Submitted by Patty Massare on Thu, 2012-05-31 14:47

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.

Trumbull County Real Estate Market Indicators Feb 2012

Submitted by Patty Massare on Fri, 2012-03-16 12:09

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!

Trumbull County Real Estate Market Report June 2011

Submitted by Patty Massare on Wed, 2011-07-27 17:19

The Trumbull County Real Estate Monthly Indicators, a research tool provided by the Warren Area Board of Realtors, for June 2011 shows continued negative movement in home sales and prices.

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