Since our first quarter of 2016 has just ended, it’s time we took at look at what is happening to our local market and the State of Ohio. Our Multiple Listing Service market statistics available to agents/offices is a good place to harvest this information, along with the Ohio Association of REALTORS® and the National Association of REALTORS®.
In our local Stark County market, the numbers are up from the first quarter of 2015. Last year there were 784 single family residential sales in the first quarter and this year there were 821 sales. The median-type home did not change at all, which gives us a great opportunity to compare “apples to apples”. The median type home both years was built in 1961 with three bedrooms and two baths. The median days on the market also did not change, staying steady at 50 days. However, the median square footage went from 1,573 square feet to 1,600 square feet.
The median sale price of homes in the first quarter of 2015 was $106,525 and has jumped in the first quarter of 2016 to $110,000, a 3.25% increase. However, houses in 2015 were selling at 96.9% of the asking price, versus 95.7% of the asking price in 2016. This tells us that sellers are asking more for their homes in 2016, but are lagging a little this quarter in what the final sales prices proved to be.
According to the Ohio Association of REALTORS® and based on 74% of respondents in their February Housing Market Confidence Survey, rents are rising steadily in the State of Ohio. It is also reported that Ohio home sales rose 6.7% from February of last year, the highest mark since 2007. And, according to their analysis of February’s Realtor.com statistics, “inventory volume is slowly increasing, but demand is growing faster!”.
According to statistics derived from the Stark County Sheriff’s website, there were 182 completed sheriff sales in the first quarter of 2015, compared to 161 in the first quarter of 2016. This is a 12% decrease. Hopefully, that may mean our local market and economic activity is becoming less volatile and healthier. Ultimately, a large percentage of them will be offered for sale by the lender/owners, meaning there may be less bank repo and rehab opportunities on the open market in the immediate future.
We’ve come a long way from the market downturn experienced from 2007 through 2009! Interest rates continue to stay steady at rock-bottom numbers, with renting costs going up. Since our numbers are UP including demand and with a lack of inventory to satisfy that demand, now IS the time to put your home on the market!
As appearing 4-15-16 in the Canton Repository