Real Estate

Valley Home Sales Up, Inventory Still Tight

YOUNGSTOWN, Ohio — Pending and closed housing sales for the month of October were up for the month and year-to-date, although inventory continues to decline.

According to data from the Youngstown/Columbiana Association of Realtors, Mahoning County led October with 274 closed sales, up from 251 in September and up 12.3% from 244 in October 2018. Year-to-date, closed sales in the county are at 2,379, up 1.2% from 2,350 this time last year.

In Columbiana County, 86 sales closed, one more than were closed in September. Closed sales for the county were up 10.3% from 76 in October 2018, and are up 8.2% year-to-date

The Warren Area Board of Realtors reports Trumbull County finished October with 200 sales closed, up from 183 in September, and up from 196 in October 2018, a 2% increase. Year-to-date closed sales are at 1,930, up 6.9% from 1,806 from the same period last year.

Pending sales in October were up substantially in all three counties, the associations report. Mahoning County saw 348 pending sales, up from 258 in September and from 241 in October 2018. Columbiana County reported 120 pending sales, up from 76 in September, and up 36.4% from 88 in October 2018. Pending sales reached 240 in Trumbull County, up from 199 in September and from 196 in October 2018.

Median sales prices for October decreased in all three counties. Trumbull County had the highest median sales price at $109,000, down from $112,500 in September, but up by 22.5% from $89,000 in October 2018.

In Mahoning County, the median sales price was $107,750, down from $115,000 in September, but up half a percentage point from October 2018.

Columbiana County reported a median sales price of $95,000, down from $121,500 in October 2018, a 15.2% decrease.

Year-to-date, median sales prices are up in all three counties: 6.8% in Mahoning County, 13.4% in Columbiana County and 12.2% in Trumbull County.

Like much of the country, a tight housing inventory is still an issue. All three counties saw declines in inventory, the biggest coming from Mahoning County, which has a reported inventory of 880 houses, down from 1,005 in September. That’s also down 19.4% from 1,092 in October 2018.

At 603 houses, Trumbull County has 98 fewer properties available compared to September, and is down 28.1% from 839 year-over-year.

Columbiana County reports 335 available houses, down from 362 in September and down from 417 in October 2018.

However, Columbiana County saw a bump in new listings at 122, up from 106 in September, as well as October 2018. At 335 new listings, Mahoning County reported one more last month compared to 334 in September, but one fewer than October 2018.

Trumbull County reported 221 new listings in October, down from 247 in September, and down from 251 in October 2018, a 12% drop.

Copyright 2020 The Business Journal, Youngstown, Ohio.