The local Mahoning County residential real estate market is steady as she goes. We have seen consistent improvements in sales over the past few years. Other than the lack of available homes for sale in some areas, the overall outlook looks healthy.
Comparing the first three months of 2016 to the same period last year:
Closed sales were up 10.8%, from 520 sales in 2015 to 576 sales this year.
Pendings (homes under contract but not yet closed) also increased in the first quarter of this year. There were a whopping 746 pending sales, up 16.9% from 638 in 2015. This is one of the highest number of pendings reported for the first quarter in the past 10 years. This is very encouraging as we move into the Spring selling season!
The median sales price rose 20%, from $65,000 to $78,000, while the average sale price remained the same at $99,000.
As homes continue to sell at a relatively brisk pace, new listings coming on the market have not kept up. New listings for the first quarter were actually down from last year by 12.8%, adding to the low inventory issue we already have. There were only 1,270 available homes for sale in Mahoning County as of the end of March, which represents a 5.2 month's supply of homes. This is 24.3% lower than the end of March last year.
To view the full report of Mahoning & Columbiana Counties Housing Statistics for March 2016: http://www.crismls.com/shared/fs/0383/company/Columbiana-Mahoning_MMI_2016-03.pdf
If you're wondering if it's a good time to sell your home . . . the local statistics would certainly say YES. Please Contact us anytime for selling or buying assistance. We're locally owned and locally committed to the Mahoning Valley!
- Patty Massare's blog
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All information is believed to be reliable, but is not guaranteed and should be independently verified with a real estate professional. CENTURY 21 Lakeside Realty Is a member of the National Association of REALTORS® Equal Housing Opportunity.