Pending Home Sales, New Listings up in January
YOUNGSTOWN, Ohio — Though housing inventory is down year-over-year, reports indicate that it may improve as the tri-county area posted month-over-month increases in pending home sales and new listings in January.
Reports from the Youngstown/Columbiana Association of Realtors and the Warren Area Board of Realtors show Mahoning, Columbiana and Trumbull counties show the fifth consecutive monthly decline in housing inventory.
Inventory in Mahoning County dropped to 824, down from 877 in December 2018 and down 22.7% from 1,066 in January 2018. Columbiana County had an inventory of 286, down from 329 in December and down from 418 year-over-year, a 31.6% decrease. Trumbull County inventory dropped to 582 from 671 in December, and saw a 20.6% decrease from 733 in January 2018.
However, “early signs point to an improving inventory situation” as markets begin to show regular year-over-year percentage increases, according to reports.
“As motivated sellers attempt to get a jump on annual goals, many new listings enter the market immediately after the turn of a calendar year. If home price
appreciation falls more in line with wage growth, and rates can hold firm, consumer confidence and affordability are likely to improve,” according to the report.
Trumbull County had the largest gain in new listings last month, up to 189 from 116 from December 2018, a 38.6% increase. Columbiana County followed with a 37.3% increase to 91 from 57. Mahoning County saw a 28.8% increase in new listings with 260 up from 185.
Year-over-year, new listings in Trumbull County are up 21.2% and 3.2% in Mahoning County, but down 3.2% in Columbiana County.
Columbiana County had the biggest increase in pending sales for the month at 92, up 33.7% from 61 in December 2018. That’s also up 64.3% from January 2018 when the county reported 56 pending sales.
Trumbull County had 190 pending sales in January, a 31% increase from 131 in December, and a 36.7% increase from 139 in January 2018. Pending sales in Mahoning County increased 24.8% to 214, up from 161 in December, and up 26.6% from 169 in January 2018.
Closed sales were down in all three counties for the month. Mahoning County closed 151 compared to 203 in December 2018, Columbiana County closed 52, down from 76, and Trumbull County closed 118, down from 146 the month previous. Only Columbiana County posted a year-over-year increase in closed sales, up 15.6% from 45 in January 2018.
Mahoning County saw its second consecutive monthly drop in average sales price to $118,890, down from $129,538 in December 2018. However, that’s up 15.3% from January 2018 when the average sales price was $103,141.
The average sales price in Columbiana County increased to $132,467, up from $111,980, and surged year-over-year by 46.4% from $90,462.
Trumbull County saw its average sales price increase to $109,656, up from $106,892 in December 2018, and up 6.8% from $102,674 from January 2018.
Copyright 2022 The Business Journal, Youngstown, Ohio.