Sales Tax, Home Sales Good News for Medina County

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) December 26, 2011 -- County Auditor Michael Kovack announced recent sales tax collections and real estate data indicate Medina County’s economy is on the mend.

Kovack said the county’s sales tax collections for the year may be on pace to surpass record collections in 2007. “This is a very clear signal that economic conditions are certainly improving in Medina County,” Kovack said.

To date, Medina County has collected $8,119,032 in sales tax revenue. This represents purchases made in the county of over $1.62 billion, or $100 million more than was spent at this point in 2009. During this time in 2007, the county had collected $8,105,330 in sales tax revenue.

While sales tax data was comparable with national figures, the real estate data stood in stark contrast to the reporting of other areas. For the past five months, Medina County real-estate conveyances have outpaced 2010 sales by 26 percent. Since July, 707 units were conveyed, compared to the 561 units conveyed during the same period in 2010. The average sale prices are nearly identical when comparing 2010s sale price of $170,494, with today’s sale price of $170,849.

For four of the last six months, home inventories in Medina County have also been lower than 2010 figures. This is also a positive sign for real estate in the county.

“While these numbers are far from the heights of 2007, they are moving in the right direction,” Kovack said. “Medina County is coming out of the recession earlier than some other areas of Northeast Ohio. Our strengths in education, transportation and lower taxes are very strong drivers for not only consumers, but for people looking to make a home in Northeast Ohio.”

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