Distressed properties down to 10 percent of the central Ohio inventory
The 800 lender-mediated properties listed for sale during 2Q-2015 in central Ohio was down by almost half from one year ago, but up slightly (1.7 percent) from the previous quarter.
There were 1,080 residential lender-mediated sales during 2Q-2015 in central Ohio, which was down 10.7 percent from the 1,210 distressed homes sold during the same period in 2014 but up 9.4 percent from 1Q-2015.
Sales of traditional homes (those not in a distressed state) were up 11 percent to 7,558 in 2Q-2015.Traditional inventory was down 28 percent from properties for sale a year ago.
“As the traditional supply of homes and condos for sale is still quite low, central Ohio buyers may be looking to take advantage of distressed listings,” Columbus REALTORS® 2015 President Kathy Shiflet said. “Although a short sale or foreclosure usually takes longer to close, this option should at least be discussed depending on the buyers’ needs.”
A “lender-mediated” property is one that is listed as a bank-owned/REO, HUD, short sale, VA, or foreclosure.
The number of lender-mediated properties added to the market during the second quarter was down slightly (0.9 percent) from a year ago, but rose 8.4 percent from the previous quarter and accounted for just over 14 percent of all new listings added during the second quarter.
“Compared to late 2010, the number of lender-mediated properties on the market has dramatically decreased,” Shiflet said. “Currently, only about one in ten homes for sale during the second quarter were distressed – compared to one in four homes back in late 2010.”
Median sales prices of all residential properties rose 5.5 percent in 2Q-2015 to $166,750. The median sales price of a traditional home rose 3.6 percent to $178,125 and the median sales price of a lender mediated home rose 7.4 percent to $73,000.
“The central Ohio real estate market is very healthy, with a continually shrinking pool of distressed properties,” Shiflet said. “Many homeowners are fortunately now able to be back in the driver’s seat when it comes to their home and mortgage.”
2Q-2015 Lender-Mediated Properties Report
Previous Lender-Mediated Properties Reports
Columbus REALTORS® is comprised of almost 6,700 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, visit www.ColumbusRealtors.com/stats
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