MOUNT VERNON — Knox County home sales and prices increased in March compared to February but the figures for the first three months of the year are below what they were for the same period in 2007, according to an Ohio Association of Realtors report.
The OAR reports 41 Knox County homes sold in March at an average sale price of $132,796. In February, there were 28 homes sold at an average sale price of $109,670. In March 2007, 41 homes sold at an average price of $127,883.
Sibley Poland, president of the Knox County Board of Realtors, said the increase in sales and prices in March can be attributed to an increased sale of middle to high-range priced homes recently, which has effectively raised the average sale price.
March sales statewide reached 8,972, compared to 7,815 in February and 11,066 last March. The average sale price for March was $134,132, an 8.5 percent decline from the $146,623 posted during the period a year ago.
The number of sales in the county from January through March of 2008 are 15.5 percent less than the first three months of 2007: 93 compared to 110. The average sale price from January to March of this year is 12.4 percent less than the same period last year: $113,890 compared to $100,028.
Poland said a lack of market activity in January and February, due in large part to bad winter weather, contributed to the sale and price figures for the first three months of this year falling below the corresponding figures for the first three months of 2007. She added that she thinks it is an ideal time to buy a home, given historically low interest rates and an ample supply and variety of homes on the market.
In Ohio, the average sale price from January to March was $132,005, a 7.8 percent decline from the $143,198 average price during the period a year ago. The total dollar volume reached $3.1 billion, a 21.9 decrease from the $3.9 billion posted in 2007.
OAR president Brad Knapp said sellers have become more realistic in establishing a list price and understand the importance of gaining a competitive advantage among the limited pool of buyers.
