JEFFERSON — The Ashtabula County Auditor’s Office released property transfer numbers for 2022 on Tuesday, with mixed results.

Total property transfers decreased by 4 percent, while the total value transferred increased by 11 percent, records show.

“This is a strange real estate market we’re in right now, just ask any realtor or professional,” County Auditor David Thomas said. “We see it all in our office, both the listed and not listed real estate transfers, which gives us a good insight on where things have moved over the last year.”

The Auditor’s Office transfers all property in Ashtabula County, including vacant land, commercial buildings, farms, and residential homes.

Total real estate transfers in 2022 topped 5,266 for the year — a decrease of 246 from the prior year’s 5,512 property transfers. In 2020 there was a dip in total transfers to 4,976, records show.

“We didn’t see the sizable increase in activity that we did from 2020 to 2021, but 2022 was still a very healthy year for real estate transfers,” he said. “I mean, just think about it, we saw an increase by $117 million transferred in just two years with about the same property amounts. That’s huge.”

The total value of non-exempt real estate transferred in 2022 was $444 million, a sizable increase from $400 million in 2021 and $326 million in 2020, records show.

The leading property transfers in 2022 included the Independent Can Company property in Conneaut at $13 million, Harbor Ridge Apartments in Ashtabula at $10 million, and Austinburg Victory Honda parcel at $6 million, records show.

Thomas believes the recent speculation that a real estate bubble will happen in the near future may not occur in Ashtabula County, or it may not be as large, because of supply and demand.

“No one can predict the future, but based on these last few years we have seen a large increase in demand but the supply of properties has not followed that trend,” he said. “We’ll see what the new year brings and where the market moves with property this year.”

These numbers of increasing property values sold comes at the start of the auditor’s 2023 State Mandated Triennial Market Update. This process updates all property values in Ashtabula County based on sales in the market over the past three years as a midpoint check between total revaluations.

The Ohio Department of Taxation will fine tune properties based on local neighborhood sales data. This process will happen over the summer with the goal of tentative values to be released in early fall.

“We do the State Mandated Mass Revaluations with visual property checks every six years and then these Triennial Property Value Updates in-between the revals,” Thomas said. “We’ll be looking then at what properties are worth for Jan. 1, 2023, based on market sales over the last three years.”

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