Ohios April Housing Report Tight Inventories Of Homes For Sale Quicker Sales Pace And Rising List Pr

Ohios April Housing Report Tight Inventories Of Homes For Sale Quicker Sales Pace And Rising List Pr

Ohio’s April Housing Report: Tight inventories of homes for sale, quicker sales pace and rising list prices

On May 17, 2017

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By Carl 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

List Prices Active Listings Days on Market
U.S. Average 9% -12% -7%
 Ohio Markets

Akron 16% -17% -14%
Ashtabula 6% -16% 2%
Canton- Massillon 4% -10% -9%
Chillicothe -4% -11% -11%
Cincinnati 22% -24% -9%
Cleveland-Elyria 10% -15% -14%
Columbus 19% -18% -15%
Dayton 4% -24% -22%
Findlay 5% -28% -10%
Lima -18% -24% -4%
Mansfield 9% -24% -37%
Marietta -1% 35% -2%
New Philadelphia-Dover 4% -9% -7%
Portsmouth -9% -8% -29%
Salem 3% -4% -12%
Sandusky 1% -23% -20%
Springfield -10% -16% -16%
Steubenville-Weirton, West Virginia 4% -5% -19%
Toledo 11% -13% -5%
Wooster 4% -21% 8%
Youngstown-Warren-Boardman 11% -14% -21%
 Zanesville 7% 6% -1%

“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.”

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Phone: 513-378-4663
Dated: May 25th 2017
Views: 455
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