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Valley’s house sales down in February
YOUNGSTOWN
The Mahoning Valley saw an 8.08 percent decrease in closed-home sales in February.
There were 307 homes sold last month compared with 334 homes sold in February 2014, according to data released by the Youngstown/Columbiana Association of Realtors and the Warren Area Board of Realtors.
Despite being the coldest February on record, housing sales overall, however, did quite well, said Marlin Palich, general manager of Northwood Realty Services of Ohio, which covers the Valley and surrounding counties. “It’s been steady,” he said.
Mahoning County saw a 16.5 percent decrease in closed sales when it went from 170 in February 2014 to 142 last month. The county’s median sales price had a slight decrease at 3.2 percent from $58,600 in February 2014 to $56,751 last month.
Trumbull County saw a 3.2 percent decrease in closed sales with 121 homes sold last month compared with 125 in February 2014. The median sales price also decreased by 18.2 percent from $68,750 in February 2014 to $56,250 last month.
In Columbiana County, closed sales were 39 in February 2014 compared with 44 in February 2015 — a 12.8 percent increase. Its median sales price decreased by 17 percent from $94,000 in February 2014 to $78,000 in February 2015.
Palich said millennials — people born approximately between the early 1980s and the early 2000s — are entering the marketplace as the cost of rent has increased. Despite declines in the median sales price, he said millennials are buying their first homes within the $80,000 to $90,000 price range, which typically are three-bedroom, two-bathroom homes.
“The Mahoning Valley is very affordable,” he said.
The Valley’s inventory of houses available for sale remains steady with 2,815 in February 2014 compared with 2,817 homes last month.
Palich said inventory is low at this time and that it’s a good opportunity for sellers to enter the market.
“This is the time to do it,” he said.