Distressed properties continue to decline
The number of lender-mediated properties for sale in central Ohio continued its sharp decline during Q1-2012. Distressed properties for sale (January through March 2012) decreased 45.3 percent to 2,010 from Q1-2011 (3,677) and are now below 2007 levels according to the 1Q-2012 Lender-Mediated Properties Report published by the Columbus Board of REALTORS® (CBR).
Lender-mediated properties are defined as foreclosure, lender owned, short sale, HUD and VA listings. These types of distressed listings have been decreasing substantially since January of 2010, when CBR began the report.
At the end of the first quarter 2012, distressed inventory was down to 2,010 which represented 17.4 percent of the total homes for sale (11,519). Last year, lender-mediated properties represented 22.6 percent of the inventory at the end of the first quarter.
Almost one quarter of the 8,946 properties added to the market in central Ohio during the first quarter were distressed. This is down 17.5 percent – from 2,496 in 1Q-2011 to 2,058 in 2Q-2012.
“As a consequence of the reduced inventory, distressed property sales were down in the first quarter,” said Jim Coridan, 2012 President of the Columbus Board of REALTORS®. “However, they still made up over one-third of the total sales.”
The 1,515 lender-mediated properties sold during the first three months of this year were down 10.7 percent compared to 1Q-2011. These sales represented 37.5 percent of the total home sales (4,045) in central Ohio during 1Q-2012.
“The fact that more distressed homes are selling off the market than are coming on the market is encouraging,” adds Coridan. “Homes are selling in 109 days on average, and prices enjoyed their first quarter of market-wide gains since 2Q-2010.”
View the full 1Q-2012 Lender-Mediated Properties Report
View previous Lender-Mediated Properties Reports.
The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Madison, Morrow, Pickaway and Union Counties and parts of Champagne, Clark, Hocking, Licking, Fairfield, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.
For more information about the central Ohio housing market, visit our Housing Statistics page.
To view commercial properties for sale or lease in central Ohio, visit COCIE.org.
To view residential properties for sale, visit Realtor.com.