Distressed properties down to three percent of the total home sales
The number of distressed properties sold in central Ohio continued to decline during the final months of 2018. Down 37.5 percent in Q4-2018, distressed home sales made up just 3.2 percent of the properties sold, down from almost five percent last year and a record low.
Of the 232 lender-mediated homes sold in Q4-2018, 215 were single family and 14 were condominiums. This compares to 345 distressed single-family homes and 20 distressed condos sold in Q4-2017.
Distressed properties for sale (October through December 2018) decreased 44.9 percent (to 161) from the fourth quarter of 2017 (292) and are now the lowest on record according to the Q4-2018 Lender-Mediated Properties Report published by Columbus REALTORS®.
Lender-mediated properties are defined as foreclosure, lender owned, short sale, HUD and VA listings.
“The lack of distressed properties is evidence of the health of our economy and housing market in central Ohio,” said John Myers, 2019 President of Columbus REALTORS®.
“Last quarter, just one out of every 31 homes sold was distressed. This compares to the winter of 2011 when one in four homes for sale were lender-mediated and almost 45 percent of the homes sold were distressed.”
The median sale price of a home sold during the fourth quarter which was not distressed was $195,000. The median sale price of a lender-mediated home sold last quarter was $76,500.
4Q-2018 Lender-Mediated Properties Report
4Q-2017 Lender-Mediated Properties Report
Previous Lender-Mediated Reports
Columbus REALTORS® is comprised of over 8,100 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 residential properties for sale, visit a REALTOR® web site.