Regional Real Estate Market Defies Statewide Decrease

COLUMBUS, Ohio -- The number of houses sold during January in the reporting area that includes the Mahoning Valley rose 1.6% from the same period in 2013, despite a 5.1% decrease statewide, the Ohio Association of Realtors reported this morning. 

Last month, 2,247 single-family units, condominiums and co-ops were sold in the 17 counties that compose the Northeast Ohio Real Estate Exchange, known as NEOHREX, which includes Mahoning, Trumbull and Columbiana counties. That was up from the 2,211 residential units sold in January 2012.

Around the state, 14 of the 20 markets reported declines in sales activity levels.

Statewide, total units sold last month were a seasonally adjusted 119,980 units, down from 126,462 in January 2012. Statewide volume was also down 5.1% from December’s seasonally adjusted annual rate of 126,396, OAR reported. The decrease represented the first downturn in sales activity the market has posted in 30 consecutive months of year-over-year gains, the association reported.

“Certainly, the extreme weather conditions throughout the state during the month contributed to the downturn,” said Chris Hall, OAR president. The January results also were reflective of a more balanced, stable market, “one that will experience traditional ebbs and flows in activity levels throughout the year,” he continued.

January’s average statewide home price of $127,327 reflected a 5.6% increase from the $120,533 mark posted during the month last year.

The average sale price of $119,989, for NEOHREX in January was up 4% from $115,369 in January 2013. NEOHREX was among 14 markets where the average sale price increased over the year.

Published by The Business Journal, Youngstown, Ohio.
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