N.E Ohio Market Improves

Ohio's bitter winter weather apparently helped cool off housing sales statewide last month, though they still were up from January 2013 in Northeast Ohio.

According to the Ohio Association of Realtors, a 30-month string of higher home sales on a year-over-year basis ended in January when the number of homes sold statewide fell 4.9%, to 6,972 last month from 7,329 units in January 2012.

However, in the 17 Northeast Ohio counties covered by the NEOHREX multiple listing service, home sales continued to rise, with the number of units sold edging up 1.6%, to 2,247 last month from 2,211 in January 2013.

“The Ohio housing market, for the first time in two-and-a-half years, experienced a reduction in activity levels,” said Chris Hall, president of the Ohio Association of Realtors. “Certainly, the extreme weather conditions throughout the state during the month contributed to the downturn.

“Our January sales results are also reflective of a more balance, stable marketplace – one that will experience traditional ebbs and flows in activity levels throughout the year,” Hall said.

Despite the number of homes sold declining statewide, the total dollar volume of sales across Ohio nudged up 0.5%, to $887.7 million last month from $883.4 million in January 2013. Also, the average selling price climbed 5.6%, to $127,327 from $120,533.

In the NEOHREX market, the total dollar volume of home sales increased 5.7%, to $269.6 million last month from $255.1 million in January 2013, while the average selling price rose 4%, to $119,989 from $115,369. mdadosh