2010-03-27 / News

Ohio home prices increased in February

COLUMBUS – Despite inclement wintry conditions throughout most of February home sales across Ohio held steady and prices continue to increase, providing a solid foundation for a market that has faced severe economic challenges since 2008, according to statistics provided to the Ohio Association of REALTORS ® by the state’s Multiple Listing Services.

“Significant levels of snow and icy conditions were prevalent throughout our marketplace for much of February, which certainly affected interested buyers and hampered our sales levels,” said Doug McCloud, president of the Ohio Association of REALTORS ®. “Yet despite these challenges we were still able to nearly match the results we posted a year earlier. That’s a tremendous accomplishment as we move forward and provides the industry with optimism that the desire to make the American Dream of homeownership a reality remains strong in Ohio.”

Sales through the first two months of 2010 reached 11,086, a 3.5 percent decline from the 11,487 sales posted during the same period a year ago. The average sales price (January through February) this year is $120,673, a 12.4 percent increase from the $107,343 mark set during the period a year ago. Total dollar volume this year tops $1.3 billion, an 8.5 percent increase from the two-month mark a year ago of $1.2 billion.

“Certainly the challenges we’ve faced for the past two years as result of a difficult economy have not completely dissipated,” McCloud said. “But we’re encouraged that there’s light at the end of the tunnel, especially when you consider that we’ve now posted five consecutive monthly gains in average price. Having prices stabilize is critical for current and future homeowners.”

Sales in February 2010 reached 5,803, a 4 percent decline from the 6,046 sales posted during the month a year ago. The month’s average sale price jumped 11.6 percent this year to $120,144, compared to the $107,622 mark of February 2009. The total dollar volume in February 2010 topped $697 million, a 7.1 percent hike from the $650 million a year ago.

“We remain bullish on the marketplace – as interest rates remain at historic lows, prices have stabilized and begun to trend upward, sellers are realistic in their expectations and consumers understand that long-term, owning a home is a tremendous investment. Combine that with the fact that the home tax credit for first-time buyers was extended through April and even expanded to include long-time buyers and it’s no surprise that the industry is so upbeat about the market’s prospects in the coming months,” McCloud said.

The 29,000-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.

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