Mahoning County June 2011 Real Estate Market Report

Submitted by Patty Massare on Wed, 2011-07-27 11:24

Mahoning County real estate market statistics continue to show a slight downslide as current economic conditions negatively affect area home values.

Year-to-date through June 2011 there are 11% less new listings, 4.7% less pending accepted contracts, and 8.6% less closed sales when compared to the same 6-month period of 2010.  It is taking an average of 146 days on the market to get a property sold, which is up 4.6% from 139 days in 2010.

The median sales price in Mahoning County is $70,000, which is down 9.1% from $77,000, for the first six months of 2010, and sellers are receiving approximately 85.5% of their listed price.

Current listing inventory is approximately 12.4 months of supply, which is up slightly from 2010.

A breakdown of the sales shows that lower-priced foreclosed homes and short sales continue to be dominating factors negatively affecting the market value of Mahoning 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.