Boardman, August 5, 2012 - According to RE/MAX Valley Real Estate’s Mahoning Valley Housing Report (MVHR) for July, 2012 the market for single family residential sales was firecracker hot as seasonally adjusted sales marked the tenth straight mo.-over-mo. advance, and the annual existing-home sales soared over July of 2011 by 14.4 per-cent. If that news isn’t hot enough for you, after spending 47 straight months in negative doldrums the seasonally adjusted annual 12-month average sales climbed again for the second consecutive month by 3.9 percent over July 2011.
Can we say the market is in full recovery mode? Not Yet? Well...there’s more.
The seasonally adjusted cost of a median priced home in the Valley saw another 0.4 percent rise in July. The adjusted price of a median home as measured by the MVHR edged up from $62,586 to $62,815. July’s raw price, however, saw another increase of 6.1 percent to $79,000—the highest monthly raw score since August of 2007.
Can we call ‘recovery mode’ now? Wait...there’s more.
July ended with 3,633 homes listed for sale in the Valley—a marginal increase of 2.8 percent, but year-over-year, this month reports another 16 percent inventory drop over July of 2011. The seasonally adjusted Absorption Rate (the time it will take to sell all the currently active homes on the market) also decreased again to 12.8 months, down more than 18 percent from July a year ago.
There you have it—a one, two, three punch!
Sales are up, price is up, and inventory nose dives. A broad-based recovery is no doubt under way in the Valley, and the best selling season we’ve seen in years continues.
Margaret Kelly, CEO of RE/MAX, LLC said—
“Although the housing market has a long way to go to make a full recovery, all signs now show that it’s on the right path and has improved every month so far this year. This selling season is the best in years, and those who thought that the positive trends would quickly correct have been proven wrong, because many consumers again feel comfortable buying or selling a home.”
About RE/MAX Valley Real Estate
RE/MAX Valley Real Estate, located in Boardman, Ohio, is an independent, locally owned, and locally operated franchise of RE/MAX Int.. It was founded in 2000 by top producers for top producers. Their agents rank number one in the Mahoning Valley for average associate production and average volume of sales. RE/MAX Valley services the real estate needs of the Mahoning Valley, Trumbull, Mahoning and Columbiana Counties. "No one sells more real estate than RE/MAX."
For more information please visit www.OurValleyHomes.com.
RE/MAX was founded by Dave and Gail Liniger in 1973, who still manage the company’s day to day operations. From a single office in Denver, Colorado, RE/MAX has grown to be a global network of nearly 100,000 Sales Associates in more than 70 countries.
Remax.com offers consumers all home listings in thousands of U.S. cities and towns and is consistently ranked among the most visited real estate web sites.
RE/MAX has been honored as the leading real estate franchise for nine of the last ten years in the oldest and most respected ranking, “The Franchise 500 Survey,” published by Entrepreneur Magazine.
RE/MAX International is proud of its Premier Community Citizenship, which has raised over $100 million for deserving organizations like Susan G. Komen for the Cure, Children’s Miracle Network and The Sentinels of Freedom Foundation.
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