February home sales trail 2010
COLUMBUS - Home sales across Ohio continued to display resiliency in February, nearly keeping pace with the level of a year ago and 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(r) by the state’s Multiple Listing Services.
“Throughout Ohio we’re seeing a significant number of our markets make steady progress in overcoming the economic challenges that have beset the state and nation,” said Meg Hudson, president of the Ohio Association of REALTORS(r). “It’s a tremendous accomplishment that our housing market has been able to nearly match the results we posted a year earlier. Moving forward, the industry is extremely optimistic that the desire to make the American Dream of homeownership a reality remains strong in Ohio.”
Sales through the first two months of 2011 reached 10,854, a 2.6 percent decline from the 11,147 sales posted during the same period a year ago. The average sales price (January through February) this year is $116,871, a 3.1 percent decrease from the $120,590 mark set during the period a year ago.
Total dollar volume this year tops $1.26 billion, a 5.6 percent decrease from the two- month mark a year ago of $1.3 billion.
“ Certainly the challenges we’ve faced for the past twoplus years as result of a difficult economy have not completely dissipated,” Hudson said. “We’re encouraged that there’s light at the end of the tunnel...evidenced by the continued stability in both activity and pricing, which is critical for current and future homeowners.
Sales in February 2011 reached 5,524, a 5.4 percent decline from the 5,839 sales posted during the month a year ago. The month’s average sale price of $118,037 was a negligible 1.6 percent below the $119,994 mark of February 2010. The total dollar volume in February 2011 topped $652 million, a 6.9 percent decline from the $700 million posted a year ago.
“We remain bullish on the marketplace - as interest rates remain at historic lows, prices have stabilized, sellers are realistic in their expectations and consumers understand that long-term, owning a home is a tremendous investment,” Hudson said. “It’s also worth noting that we are comparing our current activity levels against those of a year ago, when the home buyer tax credit was in effect to stimulate the marketplace. All in all...the industry is optimistic about the real estate sector’s prospects in the near- and long-term.”
The 28,000-member Ohio Association of REALTORS(r), 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.