Friday, November 21, 2008
STAFF REPORT
The housing market in Columbiana County posted a good performance in October, despite a crashing economy. Mahoning and Trumbull counties didn’t fare as well, however.
The numbers cover a time mostly before the meltdown of the stock market, however.
The figures from the Youngstown Columbiana Association of Realtors cover real estate closings in October. Typically, a closing occurs about a month after a deal is reached, so much of the data covers September sales agreements.
The stock market took its first big drop Sept. 29 and then continued to fall in October as economic news worsened.
Columbiana County recorded 67 closings in October, compared with 55 in the same month last year.
The median sale price — the midway point of all sales — was $73,500 last month, compared with $62,500 in October 2007. The average time a home was on the market rose from 127 days in October 2007 to 145 in October 2008.
In Mahoning County, the number of closings fell from 180 in October 2007 to 164 last month.
The median price also fell. It was $69,750 last month, compared with $78,950 in October 2007. The average market time went from 94 days in October 2007 to 106 days last month.
Trumbull County posted 136 closings last month, compared with 141 in October 2007.
The median price last month was $64,000, compared with $79,900 in October 2007. The average market time rose from 96 days in October 2007 to 110 days last month.