Distressed inventory lowest on record
Central Ohio started 2015 with the lowest number of distressed properties on the market since Columbus REALTORS® began recording this data in 2010.
There were only 787 lender-mediated residential properties for sale during 1Q-2015, down 14.2 percent from the previous quarter and down 47.8 percent from one year ago.
A “lender-mediated” property is one that is listed as a bank-owned/REO, HUD, short sale, VA, or foreclosure.
“About one in ten of the homes for sale during the first quarter were lender-mediated properties versus one of four homes back in late 2010,” said Kathy Shiflet, 2015 President of Columbus REALTORS®. “The jobs recovered over the last five years have put many homeowners back in the driver’s seat when it comes to their home and their mortgage.”
The number of lender-mediated properties added to the market during the first quarter fell 13.4 percent from last year, accounting for just over 14 percent of all new listings.
There were 987 lender mediated sales during 1Q-2015 in central Ohio, which was down 3.4 percent from the previous quarter and 21.7 percent fewer than the 1,261 distressed homes sold during the same period in 2014.
“Roughly one in five of the homes sold during the first quarter were distressed, said Shiflet. “This compares to one half of all the closings back in early 2011.”
On the other hand, sales of traditional homes (those not in a distressed state) were up 17.5 percent to 4,054 in 1Q-2015.
Median sales prices of all residential properties rose 9.2 percent in 1Q-2015 to $148,000. The median sales price of a traditional home rose 3.2 percent to $165,100 and the median sales price of a lender-mediated home rose 5.8 percent to $70,600.
According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 98 percent of central Ohio REALTORS® are seeing fewer underwater homes on the market and 94 percent expect housing prices to rise over the next year.
1Q-2015 Lender-Mediated Properties Report
Previous Lender-Mediated Properties Reports
Columbus REALTORS® is comprised of over 6,300 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
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, Fairfield, Hocking, 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.