Ohio’s February housing report

Ohio Market Report Image

List prices rise, days on the market shrink & inventory levels hold steady

The latest snapshot of the Ohio housing marketplace shows total listings are holding steady, a rise in median list prices and a decline in the median age of inventory compared to where the market stood a year ago.

According to REALTOR.com’s February 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 February National Housing Trend Report shows that inventory has increased 1.2 percent month over month and decreased 10.9 percent year over year.

In February, homes spent approximately 102 days on the market, which was a decrease of 1.9 percent month over month and 6.9 percent year over year. Median prices rose to $214,000, an increase of 1.9 percent month over month and 8.6 percent year over year.

Compared to the findings from a year ago, five of the six Ohio markets tracked reported an uptick in the median list price in February, while the time frame that homes are being marketed for sale continues to shrink compared to 2014. Additionally, inventory levels in most of the areas held steady.

 

February 2015 vs. February 2014

Median List $
Total Listings Median Age of Inventory
Akron -5.3% -9.5% -1.0%
Cincinnati 12.7% 0% -7.7%
Cleveland-Lorain-Elyria 8.5% 0% -0.5%
Columbus 2.8% 0% -1.5%
Dayton-Springfield 9.1% 0% -9.1%
Toledo 16.3% -3.0% -11.1%
U.S. Average 8.6% -10.9% -6.9%

 

“One of the biggest challenges to the Ohio housing market over the past few years has been tight — and even declining — inventory levels of homes listed for sale,” said Greg Hrabcak, president of the Ohio Association of REALTORS. “For the first time in an extended period out inventory levels have held steady, rather than a continued decline. This is an encouraging development as we enter the beginning of the spring buying season. Certainly, the rising list prices and shorter marketing periods are an indication that the desire for home ownership remains strong across the Buckeye State.

Source: www.OhioRealtors.org

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