Valley housing market last year had ups, downs

YOUNGSTOWN

Local real-estate agents say the housing market in 2014 wasn’t as strong as it was in 2013, but they are optimistic for 2015.

“We have gone through tough times,” said Michael D. Klacik, broker for Klacik Real Estate in Poland. “You have to be a very optimistic person when you are in sales. You have to have the ability to change with the marketplace in order to succeed.”

Year-to-date numbers released in November by the Youngstown/Columbiana Association of Realtors and the Warren Area Board of Realtors show increases and decreases in closed sales in the Mahoning Valley. Data through December 2014 will not be released until next week.

The number of closed sales went down by 1.6 percent from 2013 in Mahoning County. Pending sales, however, increased by 4.7 percent, new listings rose by 6.9 percent and the average sales price was up 4.2 percent.

In Columbiana County, data through November show an increase in closed sales by 0.6 percent from 2013. New listings saw a decrease of 1.4 percent in Columbiana, while pending sales and the average sales price increased.

November’s year-to-date data from the Warren Area Board of Realtors show an increase in closed sales by 2.4 percent and an 8.2 percent increase in pending sales in Trumbull County. The data also show new listings down and the average sales price up.

“The last two years have been amazing for me,” said Tibitha Matheney, Burgan Real Estate agent.

What has been amazing about it is having the ability to work with people who are able to purchase, she said.

Low interest rates have made it an option for renters to consider buying.

“The interest rates have been the best for saving the market,” said John Burgan of Burgan Real Estate in Boardman. “If it goes to 5 percent, people say that is too high.”

Burgan said the current interest rates are in the high 3 percent to 4 percent range.

Although interest rates are low, it is difficult to get approved for a loan today. A lot is dependent on the credit score.

Klacik thinks the market would improve more if banks weren’t so black and white on who gets approved.

“[Some] potential buyers are good buyers — they just need a second chance,” Klacik said.

The market here still has foreclosures and short sales, but those have seemed to slim down.

Read more about the situation in Saturday's Vindicator or on Vindy.com.