Area enjoys steady growth, but gains still smaller than statewide increases

10/20/2012

Home sales in the Toledo area rose almost 5 percent in September when compared to last year, and home prices were up 10 percent, according to statistics released Friday by the Ohio Association of Realtors.

A total of 579 area homes sold last month, up from 552 in September, 2011. And the average sale price rose from $100,933 to $111,033.

Barbara Stout, president of the Toledo Board of Realtors, said homes are selling quicker and for a bit more than they have in the past. “Things aren’t sitting on the market so long,” she said, adding that the turnover has increased as the year has progressed.

For the year, though, Toledo’s gains are smaller than the statewide increases.

From January to September, the number of homes sold increased 9.5 percent in Toledo and 12 percent across Ohio when compared to last year. The number of units sold in Toledo increased from 4,959 to 5,431 the first nine months of 2012 when compared to 2011.

“Statewide, in September, we posted our 15th consecutive monthly gain in sales activity,” said Carl Horst, a spokesman for the association. “That’s the longest stretch we’ve had.”

The sale price of homes, which increased 2.4 percent in Toledo and 4.5 percent across Ohio since the beginning of the year, is a good indicator that the market is beginning to stabilize, Mr. Horst said.

The average sale price increased from $103,974 to $106,445 in Toledo and from $129,587 to $135,627 statewide. Across Ohio, sales increased 5.6 percent in September, and the average price rose 5.3 percent. The Ohio figures include new and existing homes.

Contact Kris Turner at: kturner@theblade.com or 419-724-6103.