Record low sales for distressed properties
Although central Ohio home sales are still pacing at a record high for the first three quarters of 2017, distressed property inventory and sales are the lowest on record since winter January of 2010, when Columbus REALTORS® began tracking distressed housing activity.
According to its 3Q-2017 Lender-Mediated Properties Report, traditional closed sales were up 2.8 percent to 8,828. However, lender-mediated sales declined to 438 last quarter, down 12.2 percent from second quarter and down 43.0 percent from a year ago.
Lender-mediated properties are defined as foreclosure, lender owned, short sale, HUD and VA listings. The report compares these distressed properties with traditional homes (those properties not experiencing any of the listed conditions above.)
The share of new listings that were distressed during 3Q2017 fell from 7.1 percent last year to 4.2 percent this year.
Less than one in twenty distressed properties (4.5 percent) were for sale between July and September 2017 versus one in five properties (20.4 percent) during the same period in 2010.
“We’re seeing far fewer short sale and foreclosed homes being added to the market over the last several years,” said Mic Gordon, 2017 President of the Columbus REALTORS®. “This suggests that we’ve effectively absorbed the surplus of distressed properties seen during the housing recession when we began these reports.”
About one fourth (26.3 percent) of the lender-mediated properties sold for less than $80,000. Homes and condominiums sold for $80,000-$250,000 made up 11.7 percent of the sales. And properties over $250,000 accounted for 0.7 percent of the home sales during third quarter 2017.
3Q-2017 Lender-Mediated Properties Report
3Q-2016 Lender-Mediated Properties Report
Previous Lender-Mediated Reports
Columbus REALTORS® is comprised of over 7,900 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.