June 2011 Columbiana County Real Estate Market Indicators

Submitted by Patty Massare on Wed, 2011-07-27 10:10

Key Indicators for the overall real estate market in Columbiana County show that based on current sales activity there were 12.6 months of housing supply listed in the MLS at the end of June.  The inventory levels are down slightly from June of 2010, at which time there were 13 months supply.

 

For year-to-date through June 2011 Closed Sales are down 1.6% from the same period last year, and it took 7.9% more time, on average, for the homes to sell.

 

The median sales price was down 15.4%, from $78,000 for the period January through June 2010 to $66,000 in the same period of 2011.  The percent of original list price received was also down from 87.8% to 86.8%.

 

A breakdown of the sales shows that lower-priced foreclosed homes and short sales are a dominating factor negatively affecting the market value of Columbiana County homes.

 

See full report courtesy of Youngstown-Columbiana Association of Realtors.

 

If you are planning to sell your home, it is important to analyze competitive properties that are currently on the market to ensure your home shows better than others in the same price range.  These homes are your competition.  Buyers are not abundant in any price range, and they have their pick of well-priced properties.  Your home must be the best choice in order to sell within a reasonable time frame.

 

It is a Buyer's market, and a great time for buyers to get the best possible price and terms on a new home.  So, First Time Home Buyers should be getting pre-qualified for the OHFA special First Time Home Buyer Program that requires only 1% downpayment from the buyer's own funds, and the State of Ohio gives a gift of 2-1/2% downpayment.  See First Time Home Buyer Program details.

 

If you are a Buyer and a Seller, yes, you will have to sell your home at a lower price.  However, you will also be buying your next home at a great price . . . so it's all relative.  If you want to upgrade, it's as good a time as any to go ahead and make the leap. See more advice for Sellers.

 

I'm available to discuss your situation and give you my best professional advice, so contact me anytime for your confidential consultation.