Distressed properties down to less than seven percent of the inventory
WASHINGTON, D.C. – (RealEstateRama) — The number of lender-mediated properties for sale in central Ohio continued its sharp decline during Q3-2016 and ended the quarter at 6.8 percent of the total inventory of homes for sale in central Ohio.
Distressed properties for sale (July through September 2016) decreased 42.1 percent (to 414) from Q3-2015 (715) and are now the lowest on record according to the 3Q-2016 Lender-Mediated Properties Report.
Lender-mediated properties are defined as foreclosure, lender owned, short sale, HUD and VA listings.
“The lack of distressed properties is a testament to our economic and housing recovery in central Ohio,” said 2016 Columbus REALTORS® President John Royer. “Last quarter, one in 14 homes for sale were distressed. This compares to late 2010 when one in four homes for sale were lender-mediated.”
Although home sales of all properties were up 3.0 percent (to 9,215) during the third quarter, sales of lender-mediated properties were down 23.2 percent to 756.
Distressed home sales represented 8.2 percent of the total homes sold compared to last year when lender-mediated properties represented 11.0 percent (984) of the sales during the third quarter (8,948).
The median sale price of a home sold during the third quarter that was not distressed was $182,500. The median sale price of lender-mediated homes sold last quarter was $70,050.
Distressed homes closed in an average of 44 days last quarter compared to 52 days one year ago. Homes that were not lender-mediated closed in an average of 33 days.
Columbus REALTORS® is comprised of over 7,500 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champagne, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.
For more information about the central Ohio housing market, see Housing Reports.
To view commercial properties for sale or lease in central Ohio, visit COCIE.
To view residential properties for sale, visit Realtor.com.