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Home Sales Activity in Ohio Surged in March
 Lori Elswick, 2010 President, Lorain County Association of REALTORS®
"Our results through the first quarter of the year are a clear signal that there remains strong interest throughout Ohio to make the American Dream of homeownership a reality," said Doug McCloud, president of the Ohio Association of REALTORS®. "After enduring the challenges that confronted our state and nation as a result of the economic downturn that began in early 2008, the gains we experienced in sales and average price during the first quarter provides much-needed optimism as we move forward. Having a sense that the housing sector is stabilizing is welcome news for industry, as well as for current and future homeowners. "Undoubtedly the pending expiration of the federal home buyer tax credit at the end of April helped boost activity levels last month and should have a similar effect in the shortterm," McCloud added. First-time buyers and long-time owners who enter into a contract to purchase a principle residence by April 30, 2010 are eligible for up to an $8,000 and $6,500 federal tax credit respectively. Sales during the first quarter of 2010 reached 19,758, a 4.1 percent increase from the 18,988 sales posted during the same period a year ago. The average sales price (January through March) this year is $124,011, a 13.2 percent increase from the $109,585 mark set during the period a year ago. Total dollar volume this year is nearly $2.5 billion, a 17.8 percent increase from the three-month mark a year ago of $2.1 billion. "While we're thrilled with the direction the housing market seems to be headed after two-plus years of economic uncertainty, we realize that many challenges still remain," McCloud said. "That said, we're encouraged that there's light at the end of the tunnel, especially when you consider that we've now posted six consecutive monthly gains in average price. Having prices stabilize is critical for current and future homeowners." Sales in March 2010 reached 8,660, a 15.5 percent increase from the 7,501 sales posted during the month a year ago. The month's average sale price jumped 13.5 percent this year to $128,284, compared to the $113,019 mark of March 2009. The total dollar volume in March 2010 topped $1.1 billion, a 31 percent hike from the $848 million posted a year ago. "We remain bullish on the marketplace - as interest rates remain at historic lows, prices have stabilized and begun to trend upward, sellers are being realistic in their expectations and consumers understand that long-term, owning a home is a tremendous investment," McCloud said. The 29,000-member Ohio Association of REALTORS®, 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. Participating MLSes include: Ashland, Athens, Cincinnati, Columbus, Centralized Real Estate Information Services, Dayton, Firelands, Greater Portsmouth, Heartland, Knox, Lancaster, Licking, Mansfield, Marion, Northern Ohio Regional Multiple Listing Service, Scioto Valley, Toledo, West Central, Western Regional Information Systems & Technology and Zanesville. Figures include both new and existing home sales, including single-family and condominiums. Ohio MLS Stats Report for March 2010*
NEOHREX Totals:
Number of Units Sold Month of March 2010:
Dollar Volume Month of March 2010:
Average Sale Price Month of March 2010:
Number of Units Sold January - March 2010:
Dollar Volume January - March 2010:
Average Sale Price January - March 2010:
*Report reflects reported closings by MLSes for the above areas and time period. It includes new and existing residential single family and condo/co-ops.
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries. The Lorain County Association of REALTORS® is one of more than 1,400 local boards and associations of REALTORS® nationwide that comprise the National Association of REALTORS®.
REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. Not all real estate sales agents are REALTORS®. All REALTORS® are members of NAR along with their State and Local Associations.
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