Wednesday, March 4, 2009

OUR 2008 REAL ESTATE MARKET


By Leonard A. Partin
President Fireland's Board of Realtors

"How's the market?" or "What's going on, is anything selling?" are questions we Realtors are constantly asked. If you have asked questions similar to these you were probably told "Challenging", "Soft", "Slow", or "Exciting".

A more complete answer would be "we have experienced a decrease in reported residential unit sales of 14.2% in 2008 over 2007", a decrease of 66 from the 464 units sales reported in 2007.

The 2008 average selling price for residential units in Ottawa County was $170,778.00. This reflects ONLY a 1.3% decrease from 2007. Interestingly the 2008 median selling price for residential sales was $137,900.00. This reflects an INCREASE of 2.2% over the 2007 median price.

The area least affected by today's economy is Catawba Island Township. The residential unit sales have increased 29.5%. The average selling price is down 1.8% to $223.120.00. The median selling price for residential sales was up 4.5% to $205,000.00. New home sales were a large contributing factor for the increase in median price and units sold in Catawba Island Township.

Danbury Township's area, including Lakeside and Marblehead reflects a 2008 decrease in residential units sold of 21.1%. The average price was down 12.5% to $212,126.00. The 2008 median price INCREASED 0.03% posted to $160,500.00.

The Port Clinton area market also experienced a decrease in the number of residential units sold; of 32 units from the 137 units sold in 2007. The average price fell 6.6% to $109,848.00. The 2008 median price was $97,000, down 5.8%.

The Oak Harbor and surrounding market area reported 70 sales in 2008, down 11.4%. The median price dropped $28,250.00 or 25.2%, down to $83,750.00. The average selling price was $105,489.00, reflecting a 5.8% decrease.

In 2006 there were 483 reported residential units sold in the Ottawa County area. There were 398 reported residential units sold in 2008, reflecting 85 less sales. The average price in 2006 was reported at $179,358.00 compared to $170,778 in 2008. The median price in 2006 was reported at $140,500.00 compared to $137,900 in 2008.

The influence of today's economy varies in the segmented price ranges and individual neighborhood market areas. Every market is different. Contact one of Jack Bradley Realty Company's sales associates to help you navigate selling or purchasing in today's economy.

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