Distressed homes on the market continue to decline
The number of distressed single family homes for sale in central Ohio during the third quarter of 2012 is down 39.2 percent and condos for sale are down 51.0 percent from the previous year. At 1,947, the total distressed listings (which means they were bank-owned/REO, HUD, short sale, VA, or foreclosures) are down almost 41 percent over third quarter of 2011 (3,286) according to the 3Q-2012 Lender-Mediated Properties Report provided by the Columbus Board of REALTORS®.
“The number of active, lender-mediated properties on the market has been dropping considerably over the last 21 months,” said Jim Coridan, President of the Columbus Board of REALTORS®. “With less than 2,000 listings, we’re down 51.0 percent from peak supply levels in 2010.”
The share of all new listings that are lender-mediated held steady at 23.6 percent.
Homes listed for $80,000 or below account for 40.6 percent of the distressed inventory on the market today. Single family homes and condos listed between $80,000 and $120,000 make up 20.1 percent of the inventory. And 26.8 percent of the distressed homes for sale are listed for over $120,000.
One in four homes sold in central Ohio during 3Q-2012 were distressed. This is down 8.7 percent from a year ago (3Q-2011) when one of every three homes sold were in a distressed state. In early 2011 when inventory levels were twice what they are today, almost half the sales were distressed.
“With relatively fewer distressed properties selling, the traditional segment has regained some of its historically-typical market share,” says Coridan. “That's enabled not just one, but three consecutive quarters of year-over-year gains in median sales price for the entire market. Home prices were up 10.4 percent to $148,000 – the highest level since mid-2007.”
The 3Q-2012 Lender-Mediated Properties Report also includes inventory, sales and price comparisons for properties in 18 counties and 52 cities & school districts in the central Ohio market.
View the 3Q-2012 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, Madison, Morrow, Pickaway and Union Counties and parts of Champagne, Clark, Hocking, Licking, Fairfield, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.
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.