Valley home sales up in September, but gains not expected to lastPublished: 10/23/13 @ 12:00
Home sales in the Mahoning Valley last month bounced back from a low-point in August and reflected a spike in closings made across all three counties as the summer came to an end.
Data released by the Youngstown-Columbiana Association of Realtors show that closed sales and the median sale price of homes in Mahoning, Columbiana and Trumbull counties were up significantly in September. Homes also sold faster and spent fewer days on the market.
Thomas J. Williams, president of the Ohio Association of Realtors and a broker at Northwood Realty in Youngstown, said a boost in September sales figures came from delayed sales that were started in July or August.
He added that both the Valley and statewide housing markets continue to get stronger but said he didn’t expect last month’s gains to last into the winter months, when sales typically fall off.
As homes sell faster in the Valley, as they have since last year, inventories are falling as well, said Michael D. Klacik, a broker at Klacik Real Estate in Poland.
“September was a pretty good month for sales, but it’s getting softer,” Klacik said. “August was an early indicator, and there’s certain price ranges in the market that will always see more activity than others.”
According to YCAR, in the past 12 months, the median sale price in Mahoning County has increased by 6.6 percent, while it’s increased 12.7 percent in Columbiana County and 1.5 percent in Trumbull County.
Lower inventories in certain price ranges, Williams and Klacik said, are locking out some buyers from the market. But Williams added that rising prices aren’t a bad thing because home values are on an upswing in the area. Although Valley home sales were strong in September, Williams said they’ll begin to wane through November.
Closed sales in Mahoning County increased 13.7 percent last month, going from 175 homes sold last year to 199 in September. The median sale price increased from $72,000 to $91,000.
In Trumbull County, closed sales increased 27.6 percent with 171 homes sold, up from 134 last year. The median sale price increased slightly, going from $69,900 last year to $70,100 last month.
In Columbiana County, closed sales were up 23.9 percent, going from 67 last year to 83 this year. The median sale price went up to $83,950 last month from $70,250 last year.