Sales of bank and HUD foreclosure homes and other types of residential properties went up in Ohio in March 2011 compared with the previous month. However, sales were still down when compared with a year ago, with most realtors attributing the decline partly to the extreme cold weather during the month.

The number of new houses, Cleveland foreclosure homes and other existing dwellings that were sold in the rest of the state increased by 43.8% in March 2011 compared with February, based on data presented by the Ohio Association of Realtors. However, sales were down compared with March 2010 by 8.2%, with realtors attributing the decrease to the bad weather and the presence of the federal tax credit program last year.

The average selling price of new houses and foreclosure homes in Ohio that were sold in March of this year was $113,361, representing a decrease of 11.5% compared with March of last year. Meanwhile, sales among the counties of Northeast Ohio also went up month-over-month but decreased from a year ago. In the region, single family residential sales jumped by 52.4% in March compared with February, but declined by 7.3% when compared with March 2010. Condominium sales though, did well for both comparative periods in the Northeast.

Condo sales did better in Northeast Ohio than bank and HUD foreclosure homes and other existing single family houses, with figures rising by 47.7% in March compared with the previous month and also rising by 9% compared with March of last year. Local realtors reported that potential buyers who are considering purchase deals and traffic in open houses have picked up in the region, giving hope that sales will post increases in the coming months.

In terms of average prices in the Northeast market, new homes and foreclosed houses that were sold during the month posted an average selling rate of $105,247, declining by 13% compared with March 2010. For condominiums, the average selling price for the period was $104,301. Despite the decline in prices and sales year-over-year, local realtors claimed that the market is actually quite stable, given that previous years figures were influenced by the tax credit program and bad weather affected activities in the first few months of the current year.

Realtors predict that sales will be even better in the coming months, with more people likely to purchase HUD foreclosure homes and even new houses as the economy stabilizes. They also stated that spring season brings people out of their homes to check out what is available in the residential market.

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