The Ohio Association of Realtors reported a statewide increase in Homes purchases for the year 2016 compared to the previous fiscal year (2015) which lay at 7.5%. Among the areas showcased was Northeast Ohio whose home sales rose by 8%. The data used in the report was collected from listings paired with newly constructed and previously owned residences.
A Closer Look at the Real Estate Trend
In a news release, Pete Kopt from Statewide Trade Group stated that 2016 was a very successful year for the Ohio real estate market as it saw a record increase in sales. A look at December 2016 sales, in comparison to 2015, indicates a 2.8 percent increase. It is important to note, however, that Northeast Ohio and other markets had been experiencing yearly declines. In December 2016, Ohio’s average selling price was 159,531 dollars, a 4.8% increase compared to the same month in 2015.
Analysis of 2016’s December Sales
Price growth coupled with real estate shortages was the main agenda; this was after the National Association of Realtors released a report which focused exclusively on sales of existing homes. Despite the slow market sales in December 2016, the year experienced impeccable sales gains compared to the previous decade.
Lawrence Yun, the trade association’s chief economist, connected 2016’s impressive market run to the low mortgage rates and job creations experienced throughout the year. However, he explained that elevating mortgage rates posed a threat to market prices in December. Yun also added that a shortage of supply listings and high prices also caused low sales during the month.
About Tammy Mazzocco
Tammy Mazzocco is a residential real estate agent with Judy Gang and Associates. She operates in Delaware, Licking, Franklin, and Fairfield counties – Central Ohio. Her real estate career began when she was employed as a secretary at The Edwards Realty Company.
At The Edwards Realty Company, Tammy worked together with nine commercial agents. Tammy Mazzocco would then go ahead to spend seven years at Scotland Yard Condominiums. It is during this period, 1995, that she became a registered realtor. Tammy is very passionate about real estate and is keen to continue growing in the industry under the mentor ship of her boss and friend, Judy Gang.