Signs of Ohio real estate market turnaround emerge
COLUMBUS - While home sales activity throughout Ohio continues to lag the levels posted a year ago, there are some indications that the market is beginning to exhibit positive signs of a turnaround, reports the Ohio Association of REALTORS ®.
"Ohio's housing marketplace has undoubtedly mirrored the sluggishness of the nation's economic downturn, with few buyers and lower prices prevalent throughout the Buckeye state during the first five months of the year," said OAR President Jonathan M. Hall. "Despite the challenges that exist, our membership is hopeful that a number of positives that have begun to emerge are indicators of a turnaround in the near term."
Notably, the percentage of homes sold month to month (April to May) of this year increased by 14.6 percent, surpassing the 11.7 increase that the market posted during the same period a year ago. "Our members are experiencing more phone calls from interested buyers and seeing increased foot traffic at listings in recent months," Hall noted. "With favorable pricing, attractive interest rates and sellers more realistic in their expectations the market is poised for a rebound due to the ideal conditions that exist."
Statewide sales of new and existing homes during the first five months of the year (January through May) total 35,865, 18.8 percent behind the 44,185 sales posted during the period a year ago. The state's average sale price (January through May) of $117,694 marks a 13 percent decrease from the $135,307 average price posted during the period a year ago. The total dollar volume reached nearly $4.2 billion, a 29.4 percent decrease from the $5.9 billion posted in 2008.
Sales in May reached 9,010, an 18 percent decrease from the 10,991 sales posted during the month a year ago. The month's average price of $132,381 was 8.5 percent below the 2008 mark of $144,615.
The 31,000-member Ohio Association of REALTORS ®, the largest professional trade organization in the state, calculates its home sale figures based on statistics provided by the Multiple Listing Services (MLS) throughout Ohio.