Distressed properties down nearly 60 percent
(04/29/13) The number of distressed properties for sale in central Ohio dropped by nearly half in the first three months of 2013. Lender-mediated inventory levels fell 42.4 percent from 2,899 in the first quarter of 2012 to 1,669 during the same period this year. And that figure has plummeted nearly 60.0 percent from peak supply levels according to the 1Q-2013 Lender-Mediated Properties Report from the Columbus Board of REALTORS®.
A property is considered to be “lender-mediated” if it is listed as bank-owned/REO, HUD, short sale, VA, or foreclosure.
Buyers remain active and eager, showing year-over-year increases in sales for 20 of the past 21 months. Lender-mediated sales were up 19.9 percent while traditional sales were up 16.3 percent.
The market's composition is key. Lender-mediated properties comprised 24.4 percent of all new listings and 37.9 percent of all closed sales. Both figures are up slightly from last year.
“These reports enable us to better understand what’s happening in our local housing market,” said Chris Pedon, 2013 President of the Columbus Board of REALTORS®. “For example, even though distressed properties made up only 17.8 percent of the inventory last quarter, they made up 37.9 percent of the sales. This means we’re selling a healthy number of distressed homes that have been sitting on the market for a while.”
Central Ohio has had 14 consecutive months of year-over-year median price gains. While overall sales prices were up 2.5 percent during the first quarter, lender-mediated properties sold for an average of $64,000, an increase of 1.6 percent compared to last year. Traditional homes (homes that were not in a distressed state) were up 4.2 percent with an average sale price of $163,000.
According to Pedon, “Supply is down, demand is up and the sales mix is shifting away from distressed properties and back toward traditional homes.”
View the full 1Q-2013 Lender-Mediated Properties Report
View previous Lender-Mediated Properties Reports
The Columbus Board of 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, Hocking, Fairfield, 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.