Delaware Real Estate

Home sales activity throughout Ohio increased 10.6 percent in June, helping the marketplace record its 12th consecutive monthly sales gain, according to the statistics provided by the state’s Multiple Listing Services.

Sales of new and existing homes posted a 12.8 percent increase during the first six months of 2012 compared to the same period a year ago, reaching 52,896 sales versus the 2011 mark of 46,914.

“We’ve reached a significant milestone in our long journey toward recovery of the housing marketplace throughout Ohio, as sales activity has achieved 12 straight months of gains for the first time since December 2004 through November 2005,” said Robert U. Miller, president of the Ohio Association of REALTORS®. “It’s apparent that we’ve begun to overcome the challenges stemming from the economic collapse of 2008 and have made strides in building a solid foundation for having a sustainable, growing marketplace going forward.

“We’ve reached a significant milestone in our long journey toward recovery of the housing marketplace throughout Ohio, as sales activity has achieved 12 straight months of gains for the first time since December 2004 through November 2005,” said Robert U. Miller, president of the Ohio Association of REALTORS®. “It’s apparent that we’ve begun to overcome the challenges stemming from the economic collapse of 2008 and have made strides in building a solid foundation for having a sustainable, growing marketplace going forward.

“Ohio’s REALTORS® remain extremely confident about our market – as interest rates remain at historic lows, prices have begun to trend upward, inventories are declining, sellers are increasingly realistic in their pricing expectations and consumers understand that long‐term, owning a home is a tremendous investment.”

Not only have sales levels during the first six months exceeded the pace of a year ago, the average sales price (January through June) throughout Ohio this year is up 4 percent, reaching $131,004 versus the 2011 mark of $125,706. Total dollar volume this year is nearly $7 billion, a 17.5 percent increase from last year’s six‐month mark of $5.9 billion.

Miller noted that a recent survey of the state’s real estate professionals suggests the industry remains cautiously 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® have of the marketplace, offers the following highlights of the July 2012 report:

• 86 percent of REALTORS® describe the current housing market in their area as moderate to strong; a significant increase from the 57 percent mark the profession posted during the month a year ago. This month’s REALTOR® Current Market Index measurement reached 50, a 21 point improvement from the July 2011 score of 29.
• 87 percent of the respondents have moderate to strong expectations for their market in the next six months; a 26 percent increase from the July 2011 level of 61 percent. This month’s REALTOR® Future Market Index reached 50, an 18 point increase from the July 2011 Index of 32.
• 91 percent of REALTORS® believe home prices over the next year will remain stable and could even post gains; a 17 percent jump from the findings in July 2011. The REALTOR® Price Index for REALTORS®’ expectations for the next year reached 61, a 19 point increase than the mark recorded during the month a year ago (42).

[/media-credit] Real estate sales continue to pick-up steam throughout Ohio for the 12th consecutive month for the first-time since November 2005 according to the Ohio Association of REALTORS. (photo by Toby Boyce)

“The attitude within the real estate profession has come a long way in a relatively short period of time,” Miller noted.

“We are significantly more confident and optimistic about the housing market’s prospects – both in the near‐term and for the balance of the year. Our year‐over‐year increases in our Confidence Index findings are a clear signal that the profession is encouraged that we’re headed in the right direction.

“We fully understand that there will be challenges and setbacks in our economic recovery efforts in the coming months, but are certain that the desire to achieve the American Dream of homeownership remains strong throughout Ohio.”

Sales in June reached 11,246, a 10.6 percent increase from the 10,165 sales posted during the same period a year ago. The month’s average sales price of $150,174 is a 5.6 percent increase from the June 2011 mark of $141,793.

Total dollar volume in June nearly reached $1.7 billion, a 17.2 percent increase from the $1.4 billion mark posted a year ago. 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®, with 26,000 members, is the largest professional trade association in Ohio.

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