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Ohio's December Housing Report: Tight inventory levels, rising list prices & quicker pace of sales
Ohio's December Housing Report: Tight inventory levels, rising list prices & quicker pace of sales
The latest snapshot of the Ohio housing marketplace shows a continued rise in list prices and fewer days homes are being marketed compared to December 2017. While the Buckeye State is continuing to confront the challenges posed by persistent low inventory levels of homes listed for sale, signs of improvement in select marketplaces are beginning to emerge.
Nationally, the takeaway headline from realtor.com's December 2018 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 during the month there has been a marked uptick in the the inventory of homes listed for sale, combined with a continued rise in prices and decrease in time spent on the market.
According to realtor.com, "The U.S. housing market showed continuing signs of cooling in many of the nation's largest metros in December. The largest markets saw a 10 percent increase in inventory, compared to a nationwide average of 5 percent, as time on market decelerated, listing price growth slowed and price cuts increased.
"Sellers are adjusting their strategies, especially in slowing, pricey markets with growing availability of homes for sale. Although buyers may not find a bargain, the price discounts and recently lower borrowing costs may entice upper-tier buyers back into the market. By contrast, entry-level shoppers continue to contend with declining availability of homes for purchase, albeit at a slower rate."
Ohio Housing Report -- December 2018 vs. December 2017
| Ohio Marketplace | Median List Price | Days on the Market | Active Listings |
| Akron | $150K / 5% | 66 / -6% | 2.2K / -12% |
| Ashtabula | $120K / 14% | 93 / -9% | 401 / -7% |
| Canton-Massillon | $140K / 8% | 58 / -9% | 1.1K / 1% |
| Chillicothe | $135K / -7% | 60 / -24% | 274 / -5% |
| Cincinnati | $234K / 9% | 63 / -9% | 6.5K / 1% |
| Cleveland-Elyria | $170K / 7% | 73 / -8% | 7.5K / -3% |
| Columbus | $230K / 5% | 59 / 2% | 6.2K / 2% |
| Dayton | $140K / 8% | 66 / 4% | 3.2K / -1% |
| Findlay | $179K / 6% | 62 / -18% | 280 / -6% |
| Lima | $117K / 23% | 75 / -8% | 368 / -15% |
| Mansfield | $116K / 5% | 68 / -9% | 312 / -17% |
| Marietta | $160K / 2% | 79 / -14% | 163 / -2% |
| New Philadelphia-Dover | $135K / 4% | 69 / -17% | 214 / -14% |
| Portsmouth | $105K / -3% | 102 / 3% | 327 / -2% |
| Salem | $120K / 14% | 97 / 2% | 350 / -9% |
| Sandusky | $187K / 10% | 96 / -7% | 526 / -12% |
| Springfield | $110K / 0% | 76 / -1% | 656 / -7% |
| Steubenville-Weirton, WV | $95K / 6% | 92 / -3% | 399 / -14% |
| Toledo | $135K / 9% | 71 / -5% | 2.1K / -7% |
| Wooster | $170K / 13% | 72 / 9% | 253 / 11% |
| Youngstown-Warren-Boardman | $119K / 11% | 89 / -8% | 2.1K / -10 |
| Zanesville | $165K / 6% | 82 / -16% | 415 / 13% |
| U.S. Average | $289 / 7% | 80 / -4% | 1.4M / 5% |
"Ohio is continuing to face the challenge of low levels of homes currently listed for sale, although there are signs of improvements in some of our marketplaces," said Ohio REALTORS President Anjanette Frye. "The tight inventory of homes for sale is not only contributing the list prices continuing to rise, it is a key factor in quickening the pace of sales in nearly every market throughout the state."
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Ohio Market Watch: Multiple offers slip slightly
Ohio Market Watch: Multiple offers slip slightly
By Greg Stitz, Ohio REALTORS Director of Research
For the first time in four years respondents' are less likely to report that multiple offers in their area are on the increase. The percentage indicating so still reaches 68 percent, but it is less than the 75 percent reported in 2015 and 2016 and much less than the 84 percent reported in October of last year.
According to a recent Ohio REALTORS housing market confidence survey, 68 percent of survey participants have seen multiple offers rise in their area and 20 percent see no change in the amount of offers and 12 percent observe a decrease
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Home sales activity in November nearly matches best-ever levels
Home sales activity in November nearly matches best-ever levels
The pace of homes sold across Ohio in November fell 1.3 percent from the level set during the month a year ago, according to Ohio REALTORS.
"The Ohio housing marketplace posted solid levels of activity in November -- as sales nearly matched the month's best-ever rate set a year ago, while also recording a steady, positive gain in pricing," said Ohio REALTORS President Tiffany Meyer. "With each passing month it has become increasingly evident that the desire for homeownership remains strong throughout the state and that Ohioans are confident that a home purchase is a smart, long-term investment."
November's average home price of $178,882 reflects a 2.1 percent increase from the $175,196 mark posted during the month last year.
Sales in November reached a seasonally adjusted annual rate of 157,655, a 1.3 percent decrease from the record-setting level set du...