By Rich Cosgrove, President Stark Trumbull Area REALTORS®
With the news media still focused on the negative happenings in the real estate market, it may be hard to see the proverbial light at the end of the tunnel. However, by relying on national news to tell whether now is a good time to buy or sell, you may miss some great opportunities.
To get the proper perspective on the value of real estate, you have to go right to the source, and that means talking to a REALTOR in the local market. While average sales and prices help identify trends, the fact is all real estate is local – conditions vary greatly from one city to the next. Unfortunately, that news is largely unreported and thus misperceptions about the market are made.
With that being said, how is Stark, Carroll, and Trumbull Counties housing market doing?
According to MLS Now, property sales decreased 1.2% in Stark County compared to 2020’s 484 sales and 2021’s 478 sales. There was a 10.3% influx of new property listings from July 2020 with an average sale price of $207,351. The average listing time was 18 days with a 52.6% decrease from 38 days in 2020. Properties here are selling fast with a small increase of final sale prices that resulted in a 5.6% boost.
In Carroll County, there was a 35.4% decrease in property sales from 48 sales in July 2020 to 31 in July 2021. There was a 32% decrease in listings which held an average sale price of $219,309. Listings spent 4.2% less time on the market, with an average market time of 68 to 71 days in contrast to 2020.
Lastly, in Trumbull County property sales increased 2.3% percent with 5 more sales from 220 sold in 2021 and 215 sold in 2020. There were 280 new listings in July 2021 with the exact amount recorded in 2020 as well! The average price of sold properties was $154,371 with a 26.1% price gain from the previous year. On average, listings spent 40 days on the market in 2021 with a 36.1% time decrease from 77 days in 2020!
Properties in Stark, Carroll and Trumbull Counties are selling fast with a moderate price increase for listings, but fear not! The National Association of REALTORS (NAR), offered some encouraging news for buyers. “Several metrics indicate that demand is cooling in a moderately strong market. The REALTORS® Buyer Traffic Index decreased further from 71 in June to 64 in July (moderately strong conditions) while the REALTORS® Seller Traffic Index remains below 50 which is “weak” traffic compared to the level one year ago. On average, a home sold had more than 4 offers, for which remains unchanged from last month’s survey.”
If you have any questions about the home buying or selling process or are curious as to what these market statistics mean for you, call a REALTOR® with the Stark Trumbull Area REALTORS®. A REALTOR® will explain the process from start to finish. Keep in mind, legal questions regarding real estate should be directed to an attorney. Visit our Web site at www.starkrealtors.com for additional information.
Rich Cosgrove is the President of Stark Trumbull Area Realtors which serves Stark, Carroll, and Trumbull counties. Visit the website www.star.realtor for a complete listing of Realtor and Affiliate members. If you have any questions or comments on this article, please contact Cosgrove by email at email@example.com.