It has been a busy Spring and Summer for Mahoning County REALTORS®. With interest rates continuing at historically low levels, and with one of the most affordable housing markets in the nation, there are lots of good opportunities for buyers and sellers alike.
How is the local real estate marketing doing so far this year? Well, let's take a look at the significant housing market trends in Mahoning County for the first six months of 2016 compared to the same period last year.
So far this year 2,006 new listings came on the market in Mahoning County. This is down 14.7% from last year when 2,353 homes were listed in the first six months. This may not seem like that much of a difference, but 347 less homes to choose from is fairly significant and frustrating for buyers. There are certain areas and price ranges where there are literally only a few homes from which to choose. When a new listing comes on the market in one of these 'hot' areas, it will quickly get loads of traffic and offers, unless it is overpriced for the neighborhood and condition of the home.
In spite of the lack of available homes to buy, pending sales are up 7.9%, and closed sales are also up by 4.8%. This shows the strength of the market and buyers' willingness to compromise. Buyers who are ready to buy want to take advantage of the low interest rates and low monthly payments, and understand that the 'perfect house' probably doesn't exist. They also understand that waiting may cost them significant dollars if interest rates rise and/or affordable loan programs become unavailable.
The average sales price is also up 4.4%, and has been increasing at a steady pace for the past few years. The average sale price YTD 2014 was $99,636, increased to $101,955 in 2015, and is up to $106,466 this year. Historically, a 4.4% increase is a high percentage change for Mahoning County.
By all indications, we should continue to experience a healthy housing market in Mahoning County for the foreseeable future. However, you never know in an election year . . . anything can happen!
For assistance selling your property, or buying a home, vacant land, investment or commercial property, contact us.
Click here to view the complete report, including Mahoning and Columbiana counties, provided by The Youngstown-Columbiana Association of REALTORS®.
- 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.