Distressed home sales down in central Ohio
During the second quarter of 2018, lender-mediated closed sales were down to 324, which is 36.1 percent lower than Q2-2017 and the lowest on record for central Ohio. Of the properties sold, 305 were single-family homes and 14 were condos, according to the Q2-2018 Lender-Mediated Properties report from Columbus REALTORS®.
A “lender-mediated” property is one that is listed as a bank-owned/REO, HUD, short sale, VA, or foreclosure.
Of the 324 lender-mediated properties sold during the second quarter, only 15 were sold for $250,000 or more which represents 0.5 percent of the sales in that price range. About 17.4 percent of the properties sold for $80,000 or below were distressed.
The number of lender-mediated properties added to the market (new listings) during the second quarter decreased 38.7 percent from a year ago and represented 2.8 percent of the listings added to the market during the second quarter.
Central Ohio ended second quarter 2018 with 141 lender-mediated properties for sale, which was less than half of what it was a year ago, in addition to being down 10.8 percent from the previous quarter. Of those properties for sale, 135 were single-family homes and only six were condos.
"The long road to recovery, seen in the decreased number of lender-mediated closings that hinder market values, is no small improvement and is very positive news for Central Ohio,” said 2018 Columbus REALTORS® President Sara Walsh. “Everyone is pleased when there are positive economic indicators. Homeownership is a valuable foundation of the American Dream.”
The median sales price of a distressed home last quarter was $85,000, up 13.3 percent from a year ago ($75,000). The median sales price of a home which was not distressed was $209,000, up 8.4 percent from Q2-2017.
Q2-2018 Lender-Mediated Properties Report
Q2-2017 Lender-Mediated Properties Report
Previous Lender-Mediated Reports
Columbus REALTORS® is comprised of over 8,000 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 residential properties for sale, visit a REALTOR® web site.