Distressed properties continue downward trend
Central Ohio foreclosures in the first quarter of 2017 followed its downtrend, decreasing 63.7 percent from a year ago and down over 93 percent from peak supply levels in 2010 according to the 1Q17 Lender-Mediated Properties Report published by Columbus REALTORS®.
Lender-mediated properties are defined as foreclosure, lender owned, short sale, HUD and VA listings.
“The central Ohio housing market continues to absorb distressed properties as we see fewer homes for sale, more demand and less downward price pressure brought on by foreclosures,” said Mic Gordon, 2017 President of the Columbus REALTORS®.
“Only one in 15 lender-mediated properties (6.6 percent) were listed for sale last quarter and they made up just over ten percent of the central Ohio sales. The previous year, 13.6 percent of first quarter sales were lender-mediated and these properties made up 11 percent of the inventory.”
The drop in the share of lender-mediated sales from 13.6 percent to 10.2 percent has helped to enable a 9.6 percent gain in the median sales price of distressed homes over the last year.
The share of new listings that were distressed decreased from 10.9 percent during the first quarter last year to 7.0 percent this year.
Single family homes that were distressed accounted for 11.3 percent of the total home sales during the first quarter. Condominiums in a distressed state made up 3.9 percent of the first quarter sales.
Because the demand exceeds the supply today, both distressed and non-distressed homes are selling more quickly During the first quarter, homes sold in an average of 49 days. Last year, it was taking an average of 62 days to sell a home.
According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 94 percent of central Ohio REALTORS® said they are seeing fewer underwater homes on the market.
“With the healthy recovery we’ve seen, more and more homeowners who owed more on their mortgage than it was worth during the recession are finding that’s not the case anymore,” adds Gordon.
“If you were upside down in your mortgage and unable to sell your home before, I’d recommend contacting a REALTOR® to see if you can take advantage of the current market conditions as homes are very much in demand right now.”
1Q-2017 Lender-Mediated Properties Report
1Q-2016 Lender-Mediated Properties Report
Previous Lender-Mediated Reports
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