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Sept. totals in both Summit, Stark fall more than 20% from '06, Realtors say
Published on Friday, Oct 26, 2007
By Marilyn Miller Beacon Journal business writer
Home sales in Summit and Stark counties showed a parallel trend in September.
In Summit, the Akron Area Board of Realtors reported 356 sales in the month. That was down 21 percent from 453 in September 2006.
In the Canton area, the Stark County Association of Realtors said there were 274 sales in September, down 23 percent from 355 a year earlier.
In the first nine months of 2007 in Akron, the Board of Realtors report showed 3,812 sales. That was down 10.4 percent from 4,257 in the same three quarters of 2006. Stark figures for the first nine months of 2007 were not available.
''Despite much negative news about the national real estate market, with foreclosures and difficulties in mortgage lending, the local real estate market is still an active and affordable market,'' said Gene Courtney, president of the Stark County Association of Realtors.
The president of the Akron Area Board of Realtors said inventories of unsold homes keep growing, and would be lower if homeowners had more confidence in the economy. ''People are hesitant to buy because of the problems in the mortgage market. We are caught in a cycle right now, and it's scaring the stable buyers out of the market,'' Tom Campensa said.
''There are still a good amount of homes to sell, but part of the cycle is that those trying to buy can't sell the homes they're in or are waiting to sell until market conditions improve.''
Campensa said a house that would have sold at $250,000 two years ago would now sell for about $225,000. ''But on the bright side, housing is more affordable in this area,'' he said. ''We are not Florida, California or Las Vegas.''
The average time a home in Summit took to sell in September was 79 days, compared with 73 a year earlier.
In Stark, homes that sold in September were on the market 94 days, up from 85 a year earlier.
The average price of a Summit home sold in September was $136,086, down 3.3 percent from $140,719 a year earlier.
There was a slight appreciation in the average sale price in Stark County from $117,332 to $121,956, a gain of 3.9 percent.
Marilyn Miller can be reached at 330-996-3098 or 800-777-7232 or mmiller@thebeaconjournal.com.
By Marilyn Miller Beacon Journal business writer
Get the full article here.
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