Posts from January 16th, 2019
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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."