January’s Housing Report Finds Low Inventory in Ohio

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The latest snapshot of the Ohio housing marketplace shows a steep reduction in the number of homes for sale, rising list prices and shorter time frames that  properties are being marketed compared to where the market stood a year ago.

According to REALTOR.com’s January 2015 Housing Report, which tracks inventory of for-sale single-family homes and condos, median list prices, inventory levels and days on the market for 200 cities across the country:

The realtor.com January National Housing Trend Report shows that inventory has decreased 6.7 percent month over month and 8.7 percent year over year.

In January, homes spent approximately 103 days on the market, which was an increase of 4.6 percent month over month and a decrease of 4.6 percent year over year. Median prices remained at $211,000, and while there was no movement month over month, prices did see an increase of 8.8 percent year over year, continuing the upward trend seen in the latter half of 2014.

Compared to the findings from a year ago, all Ohio markets saw a decline in the number of homes on the market. Five of the six Ohio markets tracked experienced an uptick in the median list price in January. Additionally, homes across the state are being marketed for shorter time frames compared to 2014.

January 2015 vs. January 2014

Median List $
Total Listings Median Age of Inventory
Akron -5.3% -8.5% -4.0%
Cincinnati 13.0% -24.7% -5.5%
Cleveland-Lorain-Elyria 5.9% -11.1% -2.3%
Columbus 4.2% -34.2% -5.9%
Dayton-Springfield 7.1% -19.0% -8.2%
Toledo 10.2% -1.5% -6.8%
U.S. Average 8.8% -8.7% -4.6%

“Without question, the biggest challenge facing Ohio housing market is the extremely tight inventory of homes listed for sale throughout most of the state,” said Greg Hrabcak, president of the Ohio Association of REALTORS. “The limited number of homes listed for sale is undoubtedly contributing to rising list prices and reducing the amount of time that homes are being marketed for sale. We remain hopeful that there will be an increase in our inventory levels as we move into the spring marketplace.”

 

– Source: www.ohiorealtors.org

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