Saturday, October 27, 2007
Trumbull County’s average home sale price tops last year’s for the first time.
By DON SHILLING
VINDICATOR BUSINESS EDITOR
The local real estate market, struggling for some time, is showing improvement, at least in Trumbull County.
The average selling price of homes there has risen for the first time this year.
“The phones have been a little bit more active,” said Dan Crouse, president of the Warren Area Board of Realtors.
In September, homes in Trumbull County sold at an average price of $89,800, compared with $87,900 in the same month a year earlier. The county also recorded almost the same number of sales in both months — 144 last month and 146 in September 2006.
Home sales and selling price numbers have been lagging this year in Trumbull, Mahoning and Columbiana counties. The local economy was hit a year ago by cutbacks at Delphi Packard Electric and General Motors, and since then the housing market nationwide has been hurt by a tightening of credit after the default of many homeowners with subprime loans.
Crouse cautioned, however, about getting too excited by the recent pickup in Trumbull County.
Pulling even with last year doesn’t mean the market is great, he said. Last year was a down year and was especially slow in the fall when thousands of workers at Delphi Packard Electric and General Motors were accepting early retirement and buyout offers, he said.
One positive development this fall, however, is that people seem to be over the shock that was created by the loss of jobs at Packard and GM, he said.
“People are not any more or less pessimistic or confident than they were before. Now, people are just getting used to it,” he said.
In Mahoning County, both sales and selling prices were down in September. The county had 177 home sales completed in September, compared with 192 in the same month last year. The average selling price dipped to $93,300 from $105,400.
In Columbiana County, 52 homes were sold in September, compared with 69 in the same month a year ago. The average selling price rose in September, but that has occurred occasionally this year. The average selling price was $93,000 last month, compared with $87,600 in September 2006.
The figures, which come from the Youngstown Columbiana Association of Realtors, represent real estate closings, which typically occur about 30 days after a sale contract is signed.
shilling@vindy.com