Distressed properties continue to decline in central Ohio
Columbus, OH – May 2, – (RealEstateRama) — Although central Ohio home sales set record highs during the first three months of the year, distressed property sales were the lowest recorded since January of 2010, when Columbus REALTORS® began tracking distressed housing activity.
According to its 1Q-2016 Lender-Mediated Properties Report, closed sales in central Ohio were up 8.1 percent to 5,561 and traditional closed sales were up 16.3 percent to 4,796.
However, lender-mediated sales declined to 765 during 1Q-2016, down 21.2 percent from the previous quarter and down 25.1 percent from a year ago.
The share of all closed sales that were lender-mediated fell to 13.8 percent. Of those, 14.5 percent were single-family listings and 9.3 percent were condominiums.
The Lender-Mediated Properties Report compares lender-mediated listings (foreclosures, lender owned, short sales, HUD and VA listings) to traditional listings – those not in a distressed state.
“We continue to see a decline in the number of distressed properties for sale in central Ohio,” said 2016 Columbus REALTORS® President John Royer. “Roughly one in seven homes sold during the first quarter were distressed – down from almost half back in early 2011.”
Traditional new listings increased 6.9 percent to 7,414. However, lender-mediated new listings decreased 22.7 percent to 912. The share of all new listings that were lender-mediated fell to 11 percent.
The total number of lender-mediated properties for sale during the first quarter also declined to 479 which represented nine percent of the total central Ohio inventory, down from 25.5 percent of the inventory in late 2012.
“As inventory in our market remains at record lows, it’s no surprise that distressed properties are lower also,” said Royer. “However, distressed inventory is down significantly more than traditional listings which resulted in fewer distressed sales.”
Total inventory levels have decreased 37.6 percent from one year ago. Traditional listings are down 34.4 percent. And lender-mediated properties for sale are down 58 percent.
The median sales price for all central Ohio properties rose 7.5 percent to $158,000 during 1Q-2016. Prices for traditional homes rose 3.0 percent to $170,000 and lender-mediated prices declined 5.9 percent to $65,900.
Columbus REALTORS® is comprised of over 7,000 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, visit www.ColumbusRealtors.com/stats.
To view commercial properties for sale or lease in central Ohio, visit www.COCIE.org.
To view residential properties for sale, visit www.Realtor.com.