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Valley home sales remain sluggish

WARREN — The market for single-family homes in the Mahoning Valley through the first 10 months of 2023 is underperforming compared with the same period one year ago, according to the latest sales statistics.

In Mahoning County, there was a 13.8% decrease in sales, from 2,324 to 2,004; and an 11.4% drop in new listings, from 2,933 to 2,599, according to MLS Now. The sale value rose 8.4% to $191,662.

The data from MLS now shows 1,516 homes came off the market in Trumbull County through October, a 17.1% decrease from the 1,828 reported one year ago. Meanwhile, the number of homes that entered the market is down 12.9%, from 2,216 to 1,931.

The average sale price is up, however, from $159,330 to $163,889 — a modest 2.9% increase.

The average time homes spent on the market in Trumbull County went unchanged at 41 days. In Mahoning County, the average market time rose from 40 to 46 days, an increase of 15%.

In October, compared with October 2022 in Trumbull County, new listings were up 16% to 217; sold listings were down 9.7% to 158; the average sale price went up 14.1% to $170,698; and homes spent an average of 40 days on the market, up two days.

In Mahoning County, new listings were up 4.3% to 292; sold listings were up 1.4% to 220; and the average sale price rose 8.6% to $203,402. Homes spent an average of 37 days on the market, down three days from October 2023.

MLS Now, based in Independence near Cleveland, is a multiple listing service that collects home data from across a 32-county region in northeast Ohio.

For the 10 months ending in October compared with 2022, the organization’s data shows 42,290 new listings, a decrease of 14.8%; there were 32,312 sold listings, a decrease of 15.9%; the average sale price rose 3.1% to $244,858; and homes spent an average of 38 days on the market, up from 34 days.

For the month compared with October 2022, new listings were down 1.5% to 4,431; sold listings were down 7.4% to 3,463; and the average sale price rose to $250,459, an increase of 7.8%. Homes spent an average of 34 days on the market in October, down three days from October 2022.

Home sales last month in Ohio fell 9.2%, from 12,165 in October 2022 to 11,041. The average sale price reached $273,683, a 7.3% increase from $254,988 in October 2022.

business@tribtoday.com

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