Home sales activity reached its highest level since 2008, according to a release from the Ohio Association of Realtors. All aspects of home sales in the area represented by the Firelands Association of Realtors (Erie, Ottawa, Sandusky, Seneca and Huron counties) showed significant gains for the month of March based on OAR statistics.
The local area boasted a 33.3 percent gain on the number of units sold in March of 2012 compared to March of 2011, going from 155 units sold last year to 207 this past March. The average home sale price also jumped by 11.7 percent from $97,000 to over $108,000, making the combined dollar volume increase solid 49 percent jump over last March.
The March sales only served to make the first quarter numbers also look very good. The number of units sold jumped nearly 19 percent compared to the same period last year while the average sale price also picked up by almost 6 percent. Combined, the total dollar volume of housing sales jumped from $37.5 million in 2011 to more than $47 million in 2012.
“Activity in March was substantial and we’ve now posted nine consecutive monthly sales gains, dating back to July 2011,” said OAR President Robert Miller. “We’re extremely hopeful that the housing sector will continue to make progress throughout 2012 and build upon the solid foundation that has been established.”
Locally, Cindy Bolte of Bolte Real Estate and Insurance reported similar success in the first quarter of 2012.
“My numbers are substantially higher first quarter of 12 over first quarter of 11 … not only in gross sales but in units sold. I think the light at the end of the tunnel may not be a train after all,” she said. “Properly priced product is selling.”
She then provided more insight into the local market.
“Price, condition, location is the new mantra. Buyers coming into the area are well educated prior to picking up the phone. The days of sellers putting property on the market just to ‘see what happens’ are long gone. My hat is off to all the area agents who have weathered the past four and a half years.”