The first quarter of this year picked up right where last year left off…on a high note! And in the Mahoning Valley, that meant great homes and great values for home buyers and sellers. In the tri-county area of the Mahoning Valley (Mahoning, Columbiana and Trumbull Counties), volume was up 19.7% versus the previous year, yielding a total of $28,053,646 in sales, which also surpassed 2018 first quarter by 9%. A total of 268 units accounted for these increases, which is up 17 units from last year as well. Any way you look at this year’s first quarter, it was BETTER! So what was so special about the first quarter of the year? Why the big increase in sales during real estate’s “slow” season? Well, much has been made of the fact that interest rates are lower this year than the market analysts predicted. These lower rates have motivated buyers to not only look for a new house but spend more, as evidenced by Burgan’s average sale price of a home is up year over year as well. Another by-product of interest rates being so favorable is that it helped to rebound the stock market from a difficult end to 2018 and start to 2019. At Burgan, we enjoyed the best 1st quarter in our company’s 42 histories, surpassing last year’s period which only held that title for a single year. Our agents and clients are excited about what the second quarter will bring because all trends in the market are pointing to something even better than we have imagined for the year.
Source: MLS neohrexmls. 5/6/2019