2Q-2012 Lender Mediated Properties Report

Buyers absorbing distressed homes at a brisk pace

(8/3/12) One in four homes sold in central Ohio during 2Q-2012 were distressed which means they were bank-owned/REO, HUD, short sale, VA, or foreclosures. This is down 25.3 percent from a year ago (2Q-2011) when one of every three homes sold were in a distressed state according to the 2Q-2012 Lender-Mediated Properties Report provided by the Columbus Board of REALTORS®.

In the first quarter of 2011, 44.9 percent of the homes sold were lender-mediated.

“Just 15 months ago, almost half of the homes selling in our area were in trouble and now we’re down to 27 percent,” said Jim Coridan, president of the Columbus Board of REALTORS®. “We’re fortunate that central Ohio buyers have absorbed these bargain properties at such a brisk pace.”

Although 20.8 percent of all new listings added to the market in April through June of 2012 were distressed, these lender–mediated properties still only represent 16.0 percent (1,941) of the total central Ohio inventory of homes and condos for sale.

“The number of active lender-mediated listings is back on par with late 2006 and early 2007 levels” adds Coridan. “Both shares are down from year-ago levels, but the pace at which lender-mediated properties enter the market is worth keeping an eye on.”

View the full 2Q-2012 Lender-Mediated Properties Report
View previous Lender-Mediated Properties Report

Prices are beginning to rise. The overall median sales price during Q2-2012 was up 9.8 percent, marking the largest year-over-year quarterly gain in nearly seven years. Recovery marches onward.

For more information about the central Ohio housing market, visit our Housing Statistics page.
To view commercial properties for sale or lease in central Ohio, visit COCIE.org.
To view residential properties for sale, visit Realtor.com