Fewer short sales and foreclosures for sale
The Columbus region saw a drop in new listings during 4Q-2013 due, in part, to the decrease in lender-mediated properties added to the market. Of the 6,491 homes listed for sale during 4Q-2013, 21.8 percent of them were distressed. This marked a 35.2 percent decrease from one year ago.
However, new listings for traditional homes (homes not in a distressed state) were up 15.5 percent according to the 4Q-2013 Lender-Mediated Properties Report from Columbus REALTORS®.
A property is considered to be “lender-mediated” if it is listed as bank-owned/REO, HUD, short sale, VA, or foreclosure.
The sale of lender-mediated properties fell during the fourth quarter of 2013 while traditional closed sales were up 8.1 percent. The 1,372 distressed home sales were 23.4 percent fewer than those sold during Q4 2012 (1,792).
“Short sales and foreclosures have been declining in central Ohio for the last three years,” said Columbus REALTORS® President Milt Lustnauer. “Last quarter, one in four homes sold were distressed. But back in early 2011, almost half of the sales were distressed.”
The median sales price of a lender-mediated home sold in 4Q-2013 was $62,056, down six percent from 4Q-2012. This compares to $163,000 which was the median sales price of a traditional home sold during the fourth quarter. The overall median sales price rose 4.1 percent, up to $139,000 for 4Q-2013.
At the end of 2013, lender-mediated single family homes and condos made of 14.8 percent of the housing inventory for sale in central Ohio.
View the full 4Q-2013 Lender-Mediated Properties Report.
View previous Lender-Mediated Properties Reports.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champagne, Clark, Clinton, Hocking, Fairfield, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.
For more information about the central Ohio housing market, visit www.ColumbusRealtors.com/stats
To view commercial properties for sale or lease in central Ohio, visit www.COCIE.org.
To view residential properties for sale, visit www.Realtor.com.