Closings, prices take deep dive in Valley
By DON SHILLING
VINDICATOR BUSINESS EDITOR
Local real estate sales are off to a slow start in 2008.
Real estate closings in January were down significantly in Mahoning, Trumbull and Columbiana counties, and so were the median sale prices.
In Mahoning County, 99 sales were closed last month, compared with 134 in January 2007. Homes sold last month were on the market an average of 117 days, compared with 105 days in the same month of 2007.
The median sale price, which is the price in the middle of all the transactions, was $65,000 last month. A year earlier, the median price was $72,288. The average sale price rose, however, from $95,832 in January 2007 to $98,301 last month.
In Trumbull County, 91 sales were closed last month, which was down from 118 in January 2007. Homes sold last month were on the market an average of 122 days, compared with 113 in the same month of 2007.
The median sale price last month was $67,000, compared with $68,200 in January 2007. The average sale price fell from $88,548 in January 2007 to $73,929 last month.
In Columbiana County, 36 sales were closed last month, compared with 41 in January 2007. Homes sold last month were on the market an average of 123 days, compared with 111 days in January 2007.
The median sale price last month was $51,919, compared with $70,000 in January 2007. The average sale price fell from $83,346 in January 2007 to $66,224 last month.
The figures were reported by the Youngstown Columbiana Association of Realtors. They are based on real estate closings, which typically occur 30 days after a sale agreement is reached.