Miami Student

Issue date: 12/7/07 Section: Community

The Oxford community has seen minimal effects from the unsteady housing market around the country and in Ohio that has resulted in a decrease in the average number of housing sales and sales prices from 2006-07.

While both the state and city realtors' boards are reporting a decrease in the average number of housing sales and sale prices from a year ago, some local realtors said Butler County and Oxford are minimally affected by the decline.

According to the Ohio Association of Realtors, the statewide sales of new and existing homes from January to October 2007 has fallen 7.5 percent from the same time period last year. In addition, the state's average sale price for the same time period decreased 2.2 percent from last year and sales specifically for October 2007 experienced an 11.6 percent decrease from
October 2006.

"Across Ohio there have been more foreclosures this year than in previous years," said Ginny Paternite, a realtor for Century 21 Thacker and Associates, Inc.

According to the Ohio Multiple Listing Services Stats Report for October 2007, Cincinnati experienced a 12.4 percent decrease change in number of units sold from October 2006, and Dayton experienced a 14.8 percent decrease change in units sold for the same time period. The report states that Ohio had an 11.6 percent decrease change from October 2006 to October 2007.

Despite these consistent decreases in the real estate market, Paternite said Oxford has only been affected a little by the decline, and she said a main reason for that is Miami University.

According to Paternite, the university makes Oxford a more stable market than most because there is always turnover in renters and buyers as a result of the continuous flow of students in and out of the town. As a result, she said houses are continuing to sell in Oxford.

Though Paternite cites the university as an advantage to Oxford's real estate market, some Miami students are frustrated with the market.

Miami junior Ross Kitchen said he is aware the market has gone down, and as a result, his home has sat on the market for longer than he expected. He believes new developments around Oxford are one reason for the slump in renters and homebuyers.

Continued...

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