The leaders of the region’s biggest real estate company are convinced the local market is moving in the right direction.
Executives from Howard Hanna Real Estate Services released details about record home sales for the company in 2011 and expansion plans for this year during what they called a Regional Rally Thursday at the Hilton Akron/Fairlawn.
The annual event recognizes sales achievements in the company’s Northeast Ohio south region, which includes offices in Akron, Brunswick, Canton, Green, Jackson, Medina, North Royalton/Parma, Stow, Strongsville and Wooster.
During the meeting with about 300 sales associates, Howard Hanna Chief Executive Howard W. “Hoddy” Hanna III shared a review of the market and his predictions for 2012.
Historically, home sales have increased during presidential election years, he said in an interview with the Akron Beacon Journal Thursday before his presentation. He expects that trend to continue in 2012 as interest rates remain low.
“I think the market is stabilizing,” agreed his son, Howard W. “Hoby” Hanna IV, president of Howard Hanna Ohio, during the interview. “I think 2012 is going to be a good year.”
Overall, the company recorded 34,292 closed property transactions in 2011 for a volume of nearly $5.8 billion.
In the Akron area, closed property transactions increased about 1 percent, while volume increased about 2.5 percent, the company’s CEO said. Sales improvements were even better in Stark County, where the company opened a new office in Jackson.
Last year, about 20 percent of closings were cash purchases, compared to 6 to 7 percent in most years, Howard Hanna’s chief executive said.
Some of those purchases likely were driven by people with equity in their home selling and downsizing, the CEO said. Others with cash on hand are putting their money into a home rather than seeing low returns on investment income.
Total active listings in the region are down 23 percent compared to this time last year, Howard Hanna Ohio’s president said. But the company is seeing an increased interest from potential buyers, as evidenced by a 20 percent boost in its website traffic.
Howard Hanna commands about 34 percent of the market share in Northeast Ohio, according to the company.
The Pennsylvania-based company has seen an uptick in home sales in regions of the state where natural gas drilling known as “fracking” has been occurring for the last eight or nine years, the CEO said. He anticipates a similar boom in eastern Ohio.
As natural gas drilling expands and jobs are created, he said, “it also translates into housing.”
The company is trying to increase its market share in the region between Stark County and Columbus by opening new offices and seeking acquisition opportunities, the younger Hanna said.
On Thursday, the company also unveiled plans to launch an enhanced version of its mobile website this month that will allow potential buyers to get information about a house by clicking a button from their smart phones while near the property.
Cheryl Powell can be reached at 330-996-3902 or chpowell@thebeaconjournal.com. Follow Powell on Twitter at twitter.com/abjcherylpowell.
