MOUNT VERNON — Real estate sales for Knox County fell by 17 percent during the first half of 2008, compared to the same time a year ago, according to the latest report from the Ohio Association of Realtors. Prices for sold units slid by 10 percent in the time frame.
According to the OAR report, there were 235 units sold the first half of 2008, compared to 283 in the same period in 2007. The average sale price for these units fell from $134,297 in 2008 to $120,832 for 2007, a 10 percent decline. The overall dollar volume generated from sales was $28,395,499 from January to June in 2008, a 25.3 percent decline from the same period in 2007.
The number of sales for June, which was recently released, fell from 59 units sold to 46 units sold, a 22 percent decline. The overall sale price fell from $137,530 to $120,461, a 12.4 percent decline. The overall dollar volume from June 2008 sales was $8,114,247, compared to $5,541,197 for June 2007, a 31.7 decline.
Sibley Poland, president of the Knox County Board of Realtors, said, as sale prices continue to decrease on average, the market is advantageous for would-be home buyers, with historic low interest rates and plenty of housing from which to choose, at all different price ranges. She added that as sellers become more realistic of current housing market values, they adapt different selling strategies.
According to the OAR, issues that have negatively affected the housing sector throughout the country continue to impact the Ohio marketplace, but the state has begun to exhibit signs of stabilizing with sales activity in June surpassing the prior months level for the fifth consecutive reported period.
“Despite a sluggish first half of 2008, Ohio’s real estate professionals remain optimistic that a turnaround to the state’s housing market is not too far off,” said OAR president Brad Knapp in a written statement. “Our current level of sales activity is within range of what the Buckeye State traditionally experienced prior to 2003, when sales began to surge to record-breaking levels.
“The good news for would-be buyers is that they’re able to take advantage of ideal conditions — with historic low interest rates, an array of housing in price categories and realistic expectations among sellers in the current market.”
Statewide sales of new and existing homes during the first six months of the year total 55,791, 15.6 percent behind the 66,097 sales posted during the period a year ago.
The average sale price during the first half of 2008, $138,742, marks a 7.7 percent decrease from the $150,364 average price posted during the first half a year ago. The total dollar volume reached nearly $8 billion, a 22.1 percent decrease from the $9.9 billion posted in 2007.
Sales in June reached 11,814, an increase from the May sales mark of 10,981 but a 16.4 percent decrease from the 14,134 sales posted during the month a year ago.
