2011-11-26 / News

October home sales up from a year ago

COLUMBUS – Home sales activity across Ohio surpassed the mark posted during October 2010, a positive result for an industry that has been severely impacted by the economic downturn, according to statistics provided to the Ohio Association of REALTORS(r) by the state’s Multiple Listing Services.

“It has been an interesting time for our industry, as the marketplace has struggled to fully regain its footing since the onset of the recession,” said OAR President Meg Hudson. “On the bright side, October’s sales jumped 16.1 percent from the October 2010 level.”

Sales in October 2011 reached 8,157, marking a 16.1 percent increase from the 7,027 sales posted during the month a year ago. The month’s average sale price posted a 7 percent decrease to $123,218, compared to the $132,461 mark of October 2010. The total dollar volume during the month topped $1 billion, an 8 percent jump from the $931 million posted a year ago.

Hudson noted that a recent survey of the state’s real estate professionals suggests that the industry is optimistic about the market’s outlook in the coming months. The OAR Housing Market Confidence Index, a recently created measurement of the perception Ohio REALTORS(r) have of the marketplace, offers the following findings:

• 53 percent of REALTORS(r) describe the current housing market in their area as moderate to strong, remaining relatively unchanged from the perception of professionals a month earlier.

• 52 percent of the respondents have moderate to strong expectations for their market in the next six months; 3 percent higher than the level reported in September.

• 59 percent of REALTORS(r) believe home prices over the next year will remain stable and could even post gains; a 1 percent decrease from last month.

Sales during the first 10 months of 2011 reached 83,040, a slight 1.7 percent decrease from the 84,498 sales posted during the same period a year ago. The average sales price (January through October 2011) is $129,209, a 3.4 percent decrease from the $133,706 number set during the period a year ago.

Total dollar volume to date is more than $10.7 billion, a 5 percent decrease from the nearly $11.3 billion mark set during the 10_ month period a year ago.

“Today’s marketplace makes it clear that all real estate is local... with variations in every community.” Hudson noted. “Most importantly, today’s buyers and sellers realize that despite these complexities and nuances, property ownership is a wise, long_ term investment.”

“It is a good time to buy,” Hudson continued. “Interest rates are at historic lows, prices are displaying signs of stabilization and buyers and sellers are more realistic in their expectations, and most important of all, the desire to own a home still remains the American Dream.”

Data provided to OAR by Multiple Listing Services includes residential closings for new and existing single_ family homes and condominiums/ co_ ops. The Ohio Association of REALTORS(r), with more than 27,000 members, is the largest professional trade association in Ohio.

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