The CantonRep
Real Estate
- Page 13
Stark and Carroll County real estate market update

By Joey Marino
President Stark County Association of Realtors

 

The Stark and Carroll county real estate markets are showing strong resiliency in the first month of 2019. The partial government shutdown did delay some closings, but most transactions moved forward unhindered. The cold and snow from the winter storms only had a minor effect due to some banks and real estate related businesses closing.

 

While not all of the sales for January have been reported, the number of sales appears to have decreased from December to now. This shortage is likely due to the lower number of pending contracts we saw at the very end of 2018 due to a number of market factors. According to the National Association of Realtors, these factors include interest rate hikes, record gains in pricing, and the stock market correction hurting consumer confidence.

 

The good news is the average single-family home price had another slight increase this past month, which is keeping on track with historic growth in home values. New listings coming to the market were a fraction higher than January of last year, but nationally the available listing inventory is growing, hopefully, to meet the high demand.

 

Mortgage interest rates dropped roughly a half of a point in the 4th quarter and stayed somewhat steady the entire first month of the year, which helped many new buyers keep their payments affordable. The Federal Reserve is reportedly keeping their benchmark interest rate steady for now, which could prevent mortgage rates from rising for this first quarter. Hopefully the lower interest rates will motivate and bring buyers back to the market a little early.

 

January was another solid month for real estate in Stark and Carroll counties, even considering a few setbacks. People are still very interested in buying real estate and this makes me enthusiastic for a great 2019! Ask your favorite Realtor for their impression of the local real estate market. Stark and Carroll counties have over 800 knowledgeable Realtor members who are ready and willing to work with you this year to help you with your real estate endeavors.

 

The Stark County Association of Realtors welcomes you to visit our website at www.starkrealtors.com for a complete listing of Realtors and Affiliate members who are sure to meet your professional real estate needs.