Although the inventory shortage continues and rates have increased, local statistics have improved slightly. When gauging where we are 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.
Our local real estate markets started well in the first month of spring. Though active inventory and the number of homes decreased slightly, sale prices rose. And average days on the market either held steady or decreased. In April, active inventory decreased as well as the number of homes sold. Average days on market decreased slightly, but average sale prices were higher than the year and month prior.
In Trumbull County, the number of active listings jumped from 214 in March 2021 to 242 in March 2022. The number of homes sold decreased by almost half from 356 in March 2021 to 190 in March 2022. Market time fell from 72 days in March 2021 to 61 days in March 2022. But the average sale price jumped from $138,220 in March 2021 to $150,369 in March 2022.
In Stark County, compared to the number of active listings in March 2021 at 563, March 2022 showed a slight decrease to 542. The number of home sales for March 2021 was 356, this year, the number of sales was down slightly to 325. The average market time remained the same at 39 days on market for both March 2021 and March 2022. However, sellers benefitted greatly this year as average sale prices soared from $183,854 in March 2021 to $208,732 in March 2022.
In Carroll County, active listings went from 34 in March 2021 to 27 in March 2022. Home sales decreased from 31 in March 2021 to 25 in March 2022. The average market time went down from 78 days in March 2021 to 74 days in March 2022. And the average sale price increased from $175,182 in March 2021 to $179,504 in March 2022.
In Trumbull County, the number of active listings fell from 234 in April 2021 to 219 in April 2022. The number of homes sold decreased from 208 in April 2021 to 146 in April 2022. Days on market increased slightly from 43 days in April 2021 to 59 days in April 2022. But the average sale price jumped from $145,391 in April 2021 to $179,504 in April 2022.
In Stark County, the number of active listings was 551 in April 2021, but that number fell to 496 in April 2022. The number of home sales for April 2021 was 401; this year, the number of sales was down slightly to 293. In April 2021, the average market time was 25 but rose to 36 for April 2022. The average sale price rose again from $191,910 in April 2021 to $212,215 in April 2022.
In Carroll County, active listings decreased slightly from 43 in April 2021 to 35 in April 2022. Home sales fell from 29 in April 2021 to 21 in April 2022. The average market time decreased from 82 days in April 2021 to 61 days in April 2022. And the average sale price jumped significantly from $170,141 in April 2021 to $252,123 in April 2022.
Low inventory and high demand have caused sale prices to increase. This benefits sellers, increasing equity for homeowners. According to predictions, rising home prices and interest rates will sideline some would-be buyers and investors, making more inventory available for others. We can expect sale prices to go up a bit more this year but taper off by 2023.
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