By Carl Horst, Ohio REALTORS Director of Publications/Media Relations
The latest review of the Ohio housing marketplace shows a continued rise in list prices and fewer days homes are being marketed compared to July 2016. Overall, the Buckeye State is continuing to confront the challenges posed by historically low inventory levels of homes listed for sale.
The headline from realtor.com’s July 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 market continues to favor sellers, with homes selling faster than last year in eight out of 10 markets. More:
Prices in the residential real estate market remain at seasonal and historical peaks while for-sale inventory remains very limited, according to new data on inventory and demand fromrealtor.com. The pace of sales started to move away from seasonal peaks but remains brisk in July, with homes moving 7 percent more quickly than last year.
The median age of property listings on realtor.com in July is 64 days, which is up four days from last month but indicates that properties are still selling four days faster than this time last year.
The nationwide median home list price has now remained at $275,000 since May, and now represents a 10 percent increase over last year.
With the summer season well under way, total inventory has hit the usual seasonal peak, and age of inventory has begun to increase again on a monthly basis, yet both measures remain substantially lower than last year. Over 510,000 new listings hit the market in July, marking the third month in a row with a yearly increase. However, that influx is concentrated on the upper tier, failing to offer relief to the mid-low tier, making it difficult for the average buyer to jump into the market.
“We normally see the housing market begin to slow down in mid summer, but with this year has been a different story,” said Javier Vivas, manager of economic research at realtor.com. “After a strong, precocious start to the home buying season, the pace of sales has kept inertia and homes are not only selling faster than last July, but also faster than last year’s peak months. Fast moving inventory doesn’t always translate into higher overall sales, particularly if there isn’t enough inventory injected back into the market, which is exactly what we continue to see in July.
“Home prices are also failing to show hints of the usual seasonal cool down, and remain at stubborn highs,” Vivas added. “Mid-low tier homes are flying off the shelves and taking time to replenish, and they are instead being replaced by higher priced, larger homes, changing the composition of available inventory to a hungry but now frustrated pool of buyers.”
July 2017 vs. July 2016
Days on Market
“The Ohio housing market is facing a significant challenge due to the historically low number of homes currently listed for sale,” said Ohio REALTORS President Pete Kopf. “The shortfall in inventory is not only helping to push list prices higher, it is a key factor in quickening the pace of sales we’re experiencing in nearly every market throughout the state.”
Author:Chris Russell Phone: 513-378-4663 Dated: August 22nd 2017 Views: 655 About Chris: Real Estate Broker & Owner
Rated in the top 3% for client satisfaction out of all the agents/brok...
View our latest blog posts in your RSS reader. Click here to access.
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:
Integrity in every relationship, decision, and transaction.
Truth in word and deed.
Hard work that keeps us ahead of the competition.
Sacrifice of our own interests for the gain of our clients.
Commitment to excellence in every task we perform.
Respect for all people.
Giving to those with whom we work.
Areas of Expertise:
Residential Real Estate Sales and Purchase
Commercial Real Estate Sales, Purchase and Leasing
Real Estate Investing (buying, selling, holding, rehabbing)
Property Management and Leasing
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:
Cincinnati, OH Real Estate (homes for sale)
West Chester, OH Real Estate (homes for sale)
Madeira, OH Real Estate (homes for sale)
Monroe, OH Real Estate (homes for sale)
Indian Hill, OH Real Estate (homes for sale)
Hyde Park, OH Real Estate (homes for sale)
Blue Ash, OH Real Estate (homes for sale)
Lebanon, OH Real Estate (homes for sale)
Loveland, OH Real Estate (homes for sale)
Fairfield, OH Real Estate (homes for sale)
Hamilton, OH Real Estate (homes for sale)
Liberty Township, OH Real Estate (homes for sale)
Kenwood, OH Real Estate (homes for sale)
Mount Adams, OH Real Estate (homes for sale)
While some people search for homes according to the suburb names, others are very interested in the top school districts in the area such as homes for sale in Mason School District, homes for sale in the Lakota School District, homes for sale in the Wyoming school district, homes for sale in the Sycamore school district, homes for sale in the Monroe School District, and more. Our agents are highly-skilled in placing families in the best school districts in Cincinnati according to the desires of each family involved.
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."
We also have agents who specialize in helping families who are relocating to Cincinnati, Mason, West Chester, Blue Ash, Madeira, and any of the other regions in Southwest Ohio. It's great to have "feet on the ground" when you are looking to make such a move.
Plum Tree Realty has also become quite a favorite company for those who like to try to sell their home as a For Sale By Owner in Cincinnati as well. The reason for this is that we offer a $500 flat-fee listing to home owners who would like to sell as a FSBO, but they would also like to have a presence on the Cincinnati MLS search for homes for sale. Most FSBOs miss that exposure, but for just $500, we can help them get listed on the Cincinnati MLS and find buyers at the speed of ... the internet!
While most brokerages feel they have the best agents in Cincinnati, we truly believe that we are at the top. Many larger companies like Sibcy Cline, Remax (RE/MAX), Coldwell Banker West Shell, Comey & Shepherd, and others are at a size that makes it difficult for them to react to the markets and changing times at a great speed. Since Plum Tree is smaller, we are able to respond to market conditions rapidly and efficiently which gives us a disting market advantage. Remember: "It's not the big who eat the small; it's the FAST who eat the SLOW!"
If you are a first time homeowner, or are purchasing a home after a ma
"I highly recommend Chris Russell at Plum Tree. The house selling process was seamless with his help. I am very grateful for the option to do the flat fee listing Plum Tree offers. It was the best choice for me to transition to from wanting to sell by owner. From the beginning, Chris was promptly responsive and the process was customer/user friendly, quick, and efficient. His services were a blessing to me in my house selling process."