Despite a couple of late frosts, it feels like spring has finally arrived – and it’s almost summertime already! I hope that all the farmers and gardeners who have lost crops this year recover and receive an abundance come time to harvest. I know a few who had planted only for it to frost two days later.
The Northeast Ohio housing market has had a slow spring start as well in many areas, with listings down, the number of solds down, the average list to sold price down, and average days on market higher than last year. Using the current sales rate and number of listings on the market, it would take 4 months for everything on the market in Ashtabula County to sell. Typically speaking, 4 months or less is a seller’s market & 5-6 months is a balanced market. Over 6 months is a buyer’s market. Current months of inventory for all of NE Ohio as a whole is only at 1.2 months. Many segments are still very much a seller’s market, while some areas and price ranges are balancing out.
For those of you interested in a deeper dive into the numbers:
In Ashtabula County, the number of listings on the market in April was the lowest it’s been in at least 5 years. There were 336 listings on the market in Ashtabula County this April. That’s down about 6.5% from last year and 10.4% from April of ’21. If we compare all the way back to 2018, 815 listings were on the market in April. Looking at the entire NE Ohio market, listings on the market in April were down this year compared to last year by about 25%. The percentage of list price received has inched slightly downward as well. NE OH is seeing an average of 99.1% avg. list price received (it was 101.1% in April of ’22). Ashtabula County is at 98.5% avg. list to sold price & was 100% last year. The number of sold homes was also down in April this year compared to last: 24% for Ash Co & 20% for the NE OH market.
With new listings and solds being down, the market remains a sellers market in most segments. Although average days on market has increased compared to last year, in Ashtabula County it decreased in April compared to Jan, Feb, and March this year & it was around 34 DOM.
Please keep us in mind if you’d like assistance learning more about your specific market – our agents are here to help!
Thank you always for your continued support and business.