Distressed homes for sale down to under eight percent of the central Ohio inventory
WASHINGTON, D.C. – (RealEstateRama) — The number of distressed single family homes for sale in central Ohio during the fourth quarter of 2016 were down 57.4 percent and condos for sale fell 70.4 percent from the previous year.
At 358, the total number distressed properties for sale represented only 7.7 percent of the total central Ohio inventory last quarter according to the 4Q-2016 Lender-Mediated Properties Report provided by Columbus REALTORS®.
“The number of active, lender-mediated properties on the market has been dropping considerably over the last six years,” said Gordon. “With just over 350 distressed listings, we’re down 91 percent from peak supply levels in late 2010 when we had just over 4,000 lender-mediated properties on the market.”
Distressed homes listed for $80,000 or below accounted for 38 percent of the inventory in that price range at the end of last year. Of the homes and condos listed between $80,000 and $120,000, 11.3 percent were lender-mediated, and 8.3 percent of homes for sale over $120,000 were distressed.
The share of lender-mediated new listings – those added to the market from Oct. 1 to Dec. 31, 2016 (614) – dropped to 9.4 percent, down from 13.3 percent the previous year.
As for sales, one out of every 11 homes sold in central Ohio during 4Q-2016 were distressed. These 4th quarter sales of 639 dropped 36.2 percent from a year ago (4Q-2016) when one of every six homes sold were in a distressed state.
“This report tracks homes and condos which are bank-owned/REO, HUD, short sale, VA, or foreclosures,” said Mic Gordon, 2017 President of Columbus REALTORS®. “We created this report to track these types of distressed properties back in 2010 when almost half the sales in central Ohio were lender-mediated.”
The 4Q-2016 Lender-Mediated Properties Report also includes inventory, sales and price comparisons for properties in 18 counties and 52 cities & school districts in the central Ohio market.
Columbus REALTORS® is comprised of over 7,700 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.