Trumbull County Real Estate Market Report June 2011

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.

The number of new listings for the first six months of 2011 is down 19.2% compared to the same period in 2010.  That may indicate a slower rate of foreclosure listings, and may be one of the positive signs we are all looking for.  However, pending sales were down 4.4%, closed sales down 12.2%, and it took 22.4% longer, from 137 days to 168 days on average, to get a property sold.

The medial sales price was down slightly from $66,900 for the first half of 2010, down to $65,000 for the first half of 2011, and sellers are receiving on average 84.5% of their listed price, also down about 2%.

Inventory is down significantly, from 1,856 properties for sale at the end of June 2010 down to 1,532 at the end of June 2011.  That's a 17.5% decrease in inventory, which affects the months supply of homes for sale, now down 15.3% from June 30, 2010, and is currently indicating 11.6 months of supply.

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

See full report courtesy of Warren Area Board 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 a confidential consultation.