Distressed housing market share dropping
As the seasons transition, so too does the marketplace. New listings rose 20.1 percent since Q3-2012 for traditional homes but fell 21.8 percent for lender-mediated properties.
Traditional home closed sales rose 27.0 percent while lender-mediated sales fell 0.7 percent compared to 2012. That mix of activity has brought the percentage of all new listings that were lender-mediated down to 17.1 percent and the percentage of all closed sales that were lender-mediated down to 20.9 percent according to the 3Q-2013 Lender-Mediated Properties Report from Columbus REALTORS®.
A property is considered to be “lender-mediated” if it is listed as bank-owned/REO, HUD, short sale, VA, or foreclosure.
“Both sales and new listings show a decrease in market share from last year,” said Chris Pedon, Columbus REALTORS® 2013 president. “The share of distressed homes is down 17.4 percent, and the share of new listings is down 29 percent from one year ago.”
Since traditional properties are selling at a median price of $175,000 and make up a growing share of the overall pie, market-wide prices are firming up. The overall median home price was up 5.1 percent to $154,500 since Q3 2012.
“The region has now seen seven consecutive quarters of year-over-year median price gains,” adds Pedon. “Overall, there is a growing sense of normalcy.”
View the full 3Q-2013 Lender-Mediated Properties Report
View previous Lender-Mediated Properties Reports
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, Hocking, Fairfield, 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.