Share of distressed properties listed and sold at record lows
Although central Ohio home sales continue to set record highs this year, the share of sales that were lender-mediated fell to 8.6 percent during 2Q-2016 which is down by almost one third from last year and the lowest share on record since Columbus REALTORS® began tracking distressed housing activity in 2010.
Second quarter sales for all homes were up 4.4 percent to 9,179 during the second quarter versus the same period last year. Of those, traditional sales were up 9.2 percent to 8,393, but lender-mediated closed sales were down 29.3 percent (to 786) according to the 2Q-2016 Lender-Mediated Properties Report.
The report compares lender-mediated listings (foreclosures, lender owned, short sales, HUD and VA listings) to traditional listings – those not in a distressed state.
“Our reports continue to document the decline in the numbers of foreclosures and short sales on the market,” said 2016 Columbus REALTORS® President John Royer. “We attribute this to the job growth and economic recovery we’ve experienced in Columbus and its surrounding counties.”
The number of non-distressed homes put on the market during the second quarter increased 1.8 percent (to 10,896). However, the total new listings in the Columbus region decreased 1.6 percent (to 11,791) when averaged in with the distressed newly listed homes which were down 29.8 percent. The 895 lender-mediated listings added to the market in the second quarter represented 7.6 percent of the total inventory, yet another record low and a far cry from the 35.6 percent market share in 4Q-2010.
The median sales price for all residential properties rose 5.2 percent to $175,000 last quarter. Prices for traditional homes rose 3.9 percent to $184,900 and lender-mediated property prices rose 0.6 percent to $73,000.
Total inventory levels have decreased 38.1 percent from one year ago. Traditional listings are down 35.2 percent. And lender-mediated properties for sale are down 59 percent.
“Central Ohio has continued to flourish and is the shining star in the State of Ohio,” said Royer. “It is great to see these statistics for lender-mediated transactions continue to decline and be as low as we have seen in the last several years. We have truly rebounded from the lows of the recession.”
2Q-2016 Lender-Mediated Properties Report
2Q-2015 Lender-Mediated Properties Report
Previous Lender-Mediated Reports
Columbus REALTORS® is comprised of over 7,300 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, see Housing Reports.
To view commercial properties for sale or lease in central Ohio, visit COCIE.
To view residential properties for sale, visit Realtor.com.