Financial Services

House Sales Drop in Region, Prices Rise

YOUNGSTOWN, Ohio – House sales in the Youngstown-Warren area last month were down 11% from a year earlier, and sales for the three-county region are off 4.2% year-to-date. However, home prices are up across the board.

Sales in Mahoning, Trumbull and Columbiana counties totaled 430 units in March, down from the 483 houses sold in March 2017, according to monthly indicators compiled by the Youngstown Columbiana Association of Realtors and the Warren Area Board of Realtors.

Through the end of last month, the organizations report 1,090 houses were sold, down 4.2% from the 1,138 sold during the first quarter of 2017.

In March, 210 houses were sold in Mahoning County, down 12.1% from the 239 sold in March 2017. Sales in Trumbull County for the month were off 16.5% from a year earlier, down 156 units last month compared with 187 in March 2017.

Columbiana County sales saw a 12.3% gain over the year; 64 houses sold last month up from 57 a year earlier.

In February, 320 houses were sold in the three counties – 46 in Columbiana County, 148 in Mahoning County and 126 in Trumbull County.

During the first quarter of 2018, 527 houses were sold in Mahoning County, down 6.1% from the 561 sold during the same period last year. In Trumbull County, 408 units were sold, a 5.2% decline from the 425 sold in the first quarter of 2017.

In Columbiana County, first quarter sales rose 2.0% to 155 units compared to 152 during the same period last year.

While units sold last month were down in Mahoning and Trumbull counties and up for Columbiana County, the reverse was true for average sale prices.

The average March sale price in Mahoning County was $118,374, up 9.5% from $108,060 a year earlier. In Trumbull County, last month’s average sale price was $99,825, up 6.8% from $93,436 in March 2017.

In Columbiana County, the average sales price in March was $96,858, down 13.6% from March 2017’s average sale price of $112,042.

March averages in all three counties were down from the month before. In February, the average sale price was $121,589 in Mahoning County, $103,183 in Trumbull County and $110,397 in Columbiana County.

Year-to-date, average sales prices are up in all three counties. Trumbull County’s average selling price for the first quarter was $101,618, up 15.8% from $87,787 during the same period in 2017. Mahoning County’s average selling price for the first three months of 2018 is $114,412, up 5.5% from $108,429 during the comparable period in 2017.

Columbiana County posted a $98,883 average sale price for the first three months of the year, a 1.4% gain from the $97,479 average for the same period last year.

Published by The Business Journal, Youngstown, Ohio.