Housing Market Statistics

Trumbull County Real Estate Market Indicators April 2012

Submitted by Patty Massare on Thu, 2012-05-31 13:47

The real estate market in Trumbull County continues to trend in a positive direction.  

Year to Date 2012 compared to the same period in 2011 comparisons:

  • New listings taken are down 16.8% and overall inventory is down 23%, bringing the months' supply of inventory down to 8.9 months from 12.3 months in April of 2011. 
  • Pending sales are up 6.1% and closed sales are up 4.9%.  It is taking, on average, 173 days from listing to closing, up 4.6%, and homeowners are getting an average of 85.4% of their listing price, showing no significant change from last year.
  • The median sales price of $67,700 is up 6.6% over last year, and the average sales price of $78,137 is also up by 6.3%.

The market improvement, although less than dramatic, continues to trend in a positive direction.  Lenders are beginning to expand their loan products and guidelines helping more buyers qualify for loans.  This is good news for homeowners and perspective buyers and, hopefully, will lead to a more normalized marketplace where more sellers can sell and more buyers can buy.

To read the complete report including charts and graphs going back to 2004, click on '1 Attachment' in the gray bar below this blog post.

Mahoning County Real Estate Market Indicators Feb 2012

Submitted by Patty Massare on Mon, 2012-03-19 17:09

According to the Monthly Indicator Report for February 2012 provided by the Mahoning Columbiana Association of REALTORS® the statistics are showing improvement and it's looking like we should enjoy a slightly healthier real estate market in 2012.   To see the full report and the charts and graphs, click on the '1 attachment' in the gray bar below this post.

The inventory of available homes is down, pending sales and closed sales are up, and the average sale price is about the same, so perhaps prices are leveling off and will start to go up again as demand increases.

It's going to take some time for home prices to recover.  However, if you are selling your home locally and buying locally, although you will likely get less for your current home than you would like, you will also be buying your new home for less . . . it kind of evens itself out.  And, there is a real good chance the interest rates are lower now than when you committed to your current mortgage, so it's worth doing the math, recognizing the potential financial advantage, and pricing your home to sell.

First time home buyers are at a real advantage now, as long as their credit is good and they can qualify for a loan.  Obviously interest rates continue to hover at record low levels, and home prices are 'we hope' about as low as they are going to go.   There are also special financing programs and grants available to qualified first timers.

Columbiana County Real Estate Market Indicators Feb 2012

Submitted by Patty Massare on Fri, 2012-03-16 15:50

Market Indicators through February 2012 show some real improvement in the housing market in Columbiana County.  To see all the graphs and bar charts, click on the attached Market Report courtesy of the Youngstown-Columbiana Board of REALTORS® (click on '1 attachment' in the gray bar below this post).

Pending sales are up slightly and closed sales are up significantly, 52.9% year to date 2012 vs 2011.  The average sales price is up 22% year to date, and sellers are getting an average of 86% of their asking price.  Inventory of available homes is down to an 8.5 months supply vs an 11 months supply in February 2011.  These are all good signs that we are headed in the right direction!

Trumbull County Real Estate Market Indicators Feb 2012

Submitted by Patty Massare on Fri, 2012-03-16 11:09

What's going on in the real estate market in Trumbull County?  Open the attached file (where it says "1 attachment" in the gray bar next to the Share This tool) to view the charts and graphs provided by the Warren Area Board of REALTORS®.

Year over year, as well as year to date statistics show a significant increase in pending and closed sales, with sales prices averaging at around 85% of listing prices.  The monthly supply of inventory is at near historic lows when compared all years back to 2004, and stands now at approximately a 9 month supply.  Average sales prices show no significant change.  Back in 2004 the average sales price was approximately $88,000 compared to the present average of $74,000.  It's going to take some time with steady improvement in the market for prices to rise back to the level when many homeowners bought their homes in 2003 to 2006.  The good news is that the real estate market is showing improvement!  As slow as it may be, at least it's not going in the 'wrong' direction!

Trumbull County Real Estate Market Report June 2011

Submitted by Patty Massare on Wed, 2011-07-27 16:19

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.

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