During the summer months this year, the market remained steady. In July, home sale prices and days on the market increased. Inventory fell a bit, as did the number of home sales. In August, sale prices and days on the market continued to climb while new listing inventory decreased and home sales decreased. Inventory is slowly rebounding, but housing affordability is still low.
In Stark County, the number of new listings in July 2021 was 706, and in July 2022 fell to 561. The number of home sales for July 2021 was 478, this year, in July 2022, the number of sales decreased to 312. The average market time went up from 18 days in July 2021 to 29 in July 2022. Average sale prices increased somewhat from $207,351 in July 2021 to $213,159 in July 2022.
In Trumbull county, the number of new listings fell slightly from 280 in July 2021 to 254 in July 2022. The number of homes also decreased from 220 in July 2021 to 164 in July 2022. Market time remained the same from July 2021 to July 2022, at 40 days. The average sale price increased slightly from $154,371 in July 2021 to $157,043 in July 2022.
In Carroll County, new listings went from 34 in July 2021 to 43 in July 2022. Home sales increased from 21 in July 2021 to 24 in July 2022. The average market time went down from 68 days in July 2021 to 42 days in July 2022. And the average sale price increased slightly from $219,309 in July 2021 to $238,806 in July 2022.
In August 2021, in Stark county, the number of new listings was 639, but that number fell to 524 in August 2022. The number of home sales for August 2021 was 499; this year, in August 2022, sales decreased to 376. In August 2021, the average market time was 21 but rose to 26 for August 2022. The average sale price rose from $201,573 in August 2021 to $208,933 in August 2022.
In Trumbull county, the number of new listings rose slightly from 206 in August 2021 to 228 in August 2022. The number of homes sold decreased from 206 in August 2021 to 172 in August 2022. Days on market increased a bit from 30 days in August 2021 to 43 days in August 2022. But the average sale price jumped from $160,821 in August 2021 to $177,657 in August 2022.
In Carroll County, active listings decreased slightly from 46 in August 2021 to 41 in August 2022. Home sales increased slightly from 24 in August 2021 to 27 in August 2022. The average market time jumped from 32 days in August 2021 to 47 days in August 2022. And the average sale price rose from $231,304 in August 2021 to $250,206 in August 2022.
All things considered, our markets are slowly but steadily improving. Though fall/winter are typically slow times in real estate, the market exploded and kept up momentum through the cooler months in the last two years. Now that our market has cooled a little, it should be interesting to see where we are at market-wise this fall.
Remember, when gauging where we are at locally, it’s a smart idea to consult your local real estate professionals. They belong to the local MLS and can help shed light on local real estate trends. In addition, they can help you decide if it’s a good time to buy or sell.
Marlin Palich is president of Stark Trumbull Area Realtors, which serves Stark, Carroll and Trumbull counties. Visit www.star.realtor for a complete listing of Realtors and affiliate members. If you have any questions or comments on this article, contact Cosgrove at firstname.lastname@example.org.