By Carl Horst, Ohio REALTORS Director of Publications/Media Relations
The latest review of the Ohio housing marketplace shows rising list prices and a quickened pace of sales compared to June 2016. Overall, the Buckeye State is continuing to confront the challenges posed by extremely tight inventory levels of homes listed for sale.
The headline fromrealtor.com’s June 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 is experiencing the longest housing inventory decline in two decades. More:
According to new data from realtor.com, there were 11 percent fewer homes on the market in June 2017 than during the same time last year, marking 24 consecutive months of year-over-year inventory declines — the longest such streak in two decades. Residential real estate prices also remained at historic highs, with homes selling for 9 percent more in June than a year previously even as the pace of sales picked up.
The median age of property listings on realtor.com in June is 60 days, which indicates that properties are selling five days faster than this time last year and at roughly the same pace as last month. Earlier in the spring, the nationwide median home list price pushed above $250,000 for the first time. Now $275,000, the median list price is 9 percent higher than one year ago.
The total number of homes for sale has gone up during the beginning of the summer home-buying season, as is typical, but it remains substantially lower than one year ago. Approximately 536,000 new listings hit the market in June, a slight jump over last year. However, those homes are concentrated on the higher end of the market, failing to offer relief to the mid- and lower-price ranges where demand is greatest.
“We have now gone 24 months in a row seeing the number of homes drop on a year-over-year basis, the longest streak in more than two decades.” said Javier Vivas, manager of economic research at realtor.com. “And more markets than ever are struggling with inventory problems; in 80 percent of markets there are fewer homes for sale currently than this time last year.
“It’s good to see that more homes are coming onto the market, but the bulk of those homes are too pricey for the largest, most desperate group of buyers. With no clear indication that newly built homes will be able to provide short-term relief soon, there appears to be no end in sight for the inventory shortage” Vivas added. The market will likely remain very challenging for would-be buyers throughout the summer.”
June 2017 vs. June 2016
Days on Market
“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 pushing list prices higher and a key factor in quickening the pace of sales we’re experiencing in nearly every market throughout the state.”
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!"
Great for investors who just rehabbed a home or owners who just have a
"We have purchased 2 homes with Plum Tree Realty. We initially found Chris Russell prior to having even visited Cincinnati. He sent us many MLS's and we found our home while on our pre-move vacation in Japan. I probably looked at 15 or 20 houses with Chris on a few occasions. He coordinated the viewings well. He knew about the neighborhoods and which ones were being updated and selling for more. He gave me space to form my own opinion about the house, but if I specifically asked, he would lend his expertise. As first-time home buyers, we were very uneasy about the process. We would ask a ton of questions just to truly understand. Chris was very patient with that. He helped us through the negotiation process and helped explain the titling process when it overlapped with the deal. We closed in record time! We found the house and negotiated the deal within a week of moving to the area and were moving in 5 weeks later. When we went to buy our first rental property, I reached out to Chris and he referred me to one of his realtors who took great care of us. I don't doubt that the rest of the Plum Tree team has just as much integrity and professionalism as Chris and Mike."