One in ten distressed properties in central Ohio
(Oct. 23, 2015 – Columbus, OH) During the third quarter of 2015, the share of distressed inventory, sales and new listings was roughly one in ten for central Ohio according ot the 3Q-2015 Lender-Mediated Properties report from Columbus REALTORS®.
A “lender-mediated” property is one that is listed as a bank-owned/REO, HUD, short sale, VA, or foreclosure.
The 715 lender-mediated properties for sale at the end of 3Q-2015 in central Ohio was nearly half of what it was a year ago, in addition to being down 10.6 percent from the previous quarter.
“The number of lender-mediated properties on the market has dramatically declined over the course of the past five years, “said 2015 Columbus REALTORS® President Kathy Shiflet. “Just under one in ten (9.0 percent) of the residential properties for sale at the end of the third quarter were distressed compared to one in four distressed homes for sale back in late 2010.”
There were 966 residential lender-mediated sales during 3Q-2015 in central Ohio, which was down 6.5 percent from the 1,033 distressed homes sold during the same period in 2014 and also down 10.6 percent from the previous quarter.
Again, roughly one in ten (10.9 percent) homes sold during the third quarter were distressed.
Sales of traditional homes (those not in a distressed state) were up 13.7 percent to 7,863, in 3Q-2015. Traditional inventory was down 25.1 percent from properties for sale a year ago.
“Central Ohio buyers may want to consider taking advantage of distressed listings, depending on their needs and particularly while the traditional supply of homes and condos continues to be lower than the demand,” suggested Shiflet.
The number of lender-mediated properties added to the market during the third quarter was down 13 percent from a year ago and fell 18.7 percent from the previous quarter. Thus, the number of lender-mediated new listings also accounted for about one in ten (9.7 percent) of all new listings added during the third quarter.
The median sales price of all residential properties rose 3.1 percent in 3Q-2015 to $165,000. The median sales price of a traditional home rose 2.9 percent to $175,000, yet the median sales price of a lender mediated home declined just one percent to $70,314.
Condos fared better during the third quarter as the median sales price of all condos rose 5.0 percent with distressed condos increasing 2.4 percent to $71,750 and the sales prices of traditional condos increasing 3.7 percent to $140,000.
“Overall, the number of distressed properties in central Ohio continues to dwindle and the real estate market continues to flourish,” Shiflet said. “Fortunately, many homeowners are now able to take charge when it comes to their home and mortgage.”
3Q-2015 Lender-Mediated Properties Report
Previous Lender-Mediated Properties Reports
Columbus REALTORS® is comprised of over 6,800 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