ByCarl Horst, Ohio REALTORS Director of Publications/Media Relations
The latest review of the Ohio housing marketplace shows a continued increase in asking prices and fewer days that homes are being marketed for sale compared to April 2016. Overall, the Buckeye State is continuing to confront the ongoing challenges posed by tight inventory levels of homes listed for sale.
The headline fromREALTOR.com’s April 2017 Housing Report, which tracks inventory of for-sale single-family homes and condos, median list prices, inventory levels and days on the market for cities across the country, is that the spring home buying season is growing competitive as prices reach record highs. Further the April data shows little relief to the inventory shortage, with homes selling six days faster than last year. More:
Prices in the residential real estate market hit record highs in April while for-sale inventory saw limited growth, according to new data on inventory and demand from realtor.com.
Sales kept momentum in April, with homes moving 7 percent more quickly than last year – even as prices continue to increase.The median age of properties on realtor.com in April ended at 62 days, which indicates that properties are selling six days faster than this time last year. The typical spring upswing in buying and selling has come about a month earlier than usual, and the median age of for-sale listings is now 6 days less than last month.
Earlier this spring, the nationwide median home list price pushed above $250,000 for the first time. Now at $269,000, the median list price is 9 percent higher than one year ago.
Reflecting seasonal shifts, total inventory increased over last month, but remains substantially lower than one year ago. Even with nearly 525,000 new listings added to the market in April, inventory continues to fall short of buyer demand.
“With a record number of home buyers out there this spring, it’s officially the most competitive, fastest-moving housing market in decades” said Javier Vivas, manager of economic research at realtor.com. “Following a furious start to the season, the median days on market for homes on realtor.com in April is the lowest since the end of the recession, and nearly a third of homes are now selling in less than 30 days nationally. The lack of affordable inventory remains a critical issue, particularly for a growing number of first-time home buyers and millennials looking for starter homes and urban dwellings.”
Compared to the findings from a year ago, an overwhelming majority of Ohio markets tracked reported an increase in the list price, quicker sales and lower inventory levels in May.
April 2017 vs. April 2016
Days on Market
Steubenville-Weirton, West Virginia
“The low inventory levels in markets across Ohio continues to pose a significant challenge,” said Ohio REALTORS President Pete Kopf. “The shortfall in inventory is resulting in higher list prices and a factor in quickening the pace of sales.”
Author:Chris Schoettle Phone: 513-432-0434 Dated: May 25th 2017 Views: 145 About Chris: I have been in and out of real estate since I was about 15 years old. I am a licensed real estate a...
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A word from Chris Russell, CEO of Plum Tree Realty:
"One of my greatest passions is to use our real estate business to help alleviate suffering in this world. So we take proceeds from Plum Tree to help orphans, feed the hungry, heal the sick and hurting, and to aid the homeless ... both in the States and abroad. We are not about "getting rich." We are about making a difference. So when you do business with Plum Tree Realty, you can know that a portion of your money is going toward helping those on this planet who are in need of help. Together we can make a difference!"
To help people realize their dreams in home ownership and real estate investing through the highest levels of broker services at the most affordable prices available.
Our Core Values:
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Areas of Expertise:
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Putting it Together
Plum Tree Realty is a premier real estate marketing company focused on helping buyers and sellers get the highest level of real estate services. We help home owners, for instance, who have homes for sale in Mason, Ohio to price their homes in a competitive way since the market is growing in such a fast rate in that area. When a buyer is looking for West Chester, Ohio real estate for sale, we can guide them to the very best deals that are available, and we can give them expert advice as they make such a huge purchase. We cover all of the major real estate markets of the Greater Cincinnati including the following hot markets:
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Of course, we also have great skill in helping buyers and investors find foreclosures, short sales, bank owned homes, and other great investment properties in the Greater Cincinnati Metro Area as well. Many of our agents are investors themselves, so they are great at helping other investors be the first one to the "golden egg."
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