Short sales and foreclosures down significantly in central Ohio
Central Ohio has seen an overall drop in homes for sale, but the number of short sales and foreclosures on the market is down significantly. At the end of 1Q-2014, there were 1,027 distressed homes for sale, down 59.7 percent from those reported last year.
At the end of the first quarter, short sales and foreclosures made up just 12.7 percent of the total inventory, down from 22.6 percent last year according to the 1Q-2014 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 1,314 distressed homes put on the market during the first quarter of 2014 was down 42.1 percent from one year ago. Last year, distressed homes made up 25.1 percent of the new listings. Last quarter, they accounted for just 16.6 of the homes and condos added to the inventory of homes for sale in the Columbus region.
This compares to the number of traditional homes (those not in a distressed state) listed for sale during 1Q-2014 which were down only 2.1 percent from one year ago.
“This report brings to light some relevant points,” said Milt Lustnauer, 2014 President of the Columbus REALTORS®. “First, that listings of non-distressed homes are not far behind last year. But, most important, is the substantial drop in short sales and foreclosures compared to years past.”
“In early 2011, distressed properties made up 23 percent of the inventory and almost half of the sales. Now they make up 13 percent of the inventory and 27 percent of the sales.”
“Absorbing this inventory is good news for central Ohio homeowners as the impact on property values going forward will be diminished.”
Of the total homes sold during 1Q-2014 (4,650), 26.8 percent were distressed (1,247) - down 33.6 percent from 1Q-2013 (1,879). But the number of non-distressed homes sold (3,403) was up 8.9 percent over a year ago.
“Given that the inventory of distressed homes was down almost 60 percent, it’s not surprising that distressed sales were down almost 34 percent,” added Lustnauer. “But again, it’s interesting to note that the sales of homes not in a distressed position were up almost nine percent.”
The median sales price of a lender-mediated home sold in 1Q-2014 was $67,150 (up 4.9 percent from 1Q-2013). The overall median sales price for all properties rose 6.7 percent, up to $135,500 for 1Q-2014.
1Q-2014 Lender-Mediated Properties Report
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.