The year 2016 was the busiest year in the Ohio housing market since 2005, even with the national sales slowing down after winter set in. Home purchases were up 7.5 percent from the previous year, 151,600 to be exact. The Northeast Ohio region experienced a sales increase of almost 8 percent.
2016 yielded record breaking sales and average prices for the state of Ohio, with December sales alone up 2.5 percent from 2015 even though many other markets experienced declines in sales. According to homes.com, the average sale price increased 4.8 percent from 2015, up to $159,531.
Ohio wasn’t the only state that experienced growth however. The nation as a whole experienced one of their strongest years in the last decade, despite the slight decline of December’s gains. The median sale price for existing homes in the country was up 4 percent from 2015, at $232,200.
According to the Chief Economist for the trade association, the housing market increases in 2016 were a direct result of solid job creation and low mortgage rates. December experienced the least amount of growth throughout the year because that month also experiences a spike in mortgage rates.
All in all, the year ended with the country having a 3.6-month supply of available housing. Simply put, available properties would sell out in those 3.6 months. In order for the housing market to be balanced, there should be a 6-month supply, making it impossible for neither sellers nor buyers to have a bigger advantage.
Tammy Mazzocco is one Ohio real estate agent that has taken full advantage of the market growth. Tammy Mazzocco started off as a secretary with a commercial real estate firm, where she worked for almost a decade with Scotland Yard Condominiums. She became a licensed real estate agent in 1995.
She moved on to become a multi-site property manager for T&R Properties. In 1998, Tammy Mazzocco became a licensed personal assistant for RE/MAX. In 1999, she decided to make real estate her fulltime career, joining the Judy Gang & Associates in Pickerington, Ohio. Tammy Mazzocco is currently selling real estate in numerous Ohio counties. Contact Tammy thru trulia.com.