Local Tri-County Housing Market Update

Real estate markets are local.  So the trends and statistics reported on national, or even regional, housing activity may be very different from what is happening here in the Mahoning Valley.

When you're a real estate broker, people always ask you 'how is the market?'  I feel like I should have some kind of canned answer for that question, but I don't.  It's complicated, and it's different by community, by neighborhood, and also by price range. That's why it's important to be informed about what homes are selling for in your particular community and neighborhood before making any selling or buying decisions.

Speaking in generalities for our tri-county area, median sale prices have been steadily increasing at a slow pace for the past several years. Pendings and sales are holding steady despite the fact that there are fewer and fewer homes for sale to pick from. Now we're approaching the holiday season, so I don't anticipate we will see much of a spike in new listings until after the new year, which can be very frustrating for would-be buyers in the more desirable areas.

My prediction is that we will see a normal slowing of the pace of sales and new listings for the next couple of months, and then it will pick up again after the new year.  How early in the Winter the market may pick up depends a lot on the weather. If we have a warm Winter and early Spring, then the market will probably pick up sooner than later.

The local real estate story continues to be all about low inventory. Sellers are not selling at the pace they did in years past. This has been the 'new normal' for a couple of years now.

If you are thinking about selling, and think it is best to wait until after the holidays, or until Spring, just remember that selling during the holiday season can be very rewarding.  Although you will get less showings, and it may be more of a hassle than usual, buyers actively shopping for homes during the holidays are usually very motivated to find a home quickly, and given the lack of homes to from which to choose, you may get an offer on your home right away.

A summary of the housing market statistics follows for Mahoning, Columbiana, and Trumbull Counties, comparing the first nine months of 2017 with the same period last year.

If you have any questions about the real estate market in your neighborhood, or you would like us to help you find a home or sell a home, please contact us.