Local market appears to be bouncing back

Home sales throughout Ohio in November posted gains for the fifth consecutive month, helping the marketplace nearly mirror the results of a year ago for the first 11 months, according to statistics provided to the Ohio Association of Realtors by the state’s Multiple Listing Services.

“In all corners of Ohio, we’ve experienced a significant uptick in activity since mid-year … a hopeful sign of an improving and stable marketplace,” said OAR President Meg Hudson. “This current stretch of five monthly sales gains marks the first time since 2005 (July to November) that we’ve experienced similar increases over the prior year. Our market continues making strides toward fully regaining its footing and overcoming the challenges that have beset the sector since the onset of the recession in 2008.”

Ohio sales in November 2011 reached 7,415, marking an 11.1 percent increase from the 6,672 sales posted during the month a year ago. The month’s average sale price posted a 3.8 percent decrease to $124,140, compared to the $129,071 mark of November 2010. The total dollar volume during the month surpassed $920 million, a 6.9 percent jump from the more than $861 million posted a year ago.
Hudson notes that a recent survey of the state’s real estate professionals suggests that the industry remains optimistic about the market’s outlook in the coming months.
Locally Fireland’s Board of Realtor’s market areas for Port Clinton, Oak Harbor, Marblehead, Put-in-Bay and surrounding townships has reflected a sales gain, however not as much as the combine sales within the State.
The local market as reported in Fireland’s MLS reflected an uptick of 4.3 percent for residential properties sold (December 1, to November 31) in 2011 compared to 2010. The sales total volume for 2011 was $66,766,570.00 reflecting a gain of 3.16% .
Notable one of the best reflections was for the Danbury Township, Marblehead and, Lakeside market area reflecting a gain of 14.55 percent in units sales having a total volume gain of 3.74 percent. Catawba Island Township on the other hand, reflected a decline of 9.52 percent for units sold with a decline of 3.74 percent in total volume.
Interestingly the median price declined from $130,000.00 to $128,500.00 illustrating the lower priced properties have had more buyer activity. A positive market reflection is the average days on market for sales in 2011 declined from 162 to 143 days.
In all the market appears to have bottomed out and is on the uptick. Smart buyers realize the benefits of the all time low for interest rates, and are taking advantage of the soft market prior to the uptick becoming an upswing.

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