Local housing market experiences drop-off in January


By John Bush - jbush@civitasmedia.com



LIMA — The regional housing market took a hit in January, as the number of units sold, dollar volume and average sale price were all down from December.

According to the Ohio Association of Realtors, the number of residential properties sold in the organization’s West Central region — Allen, Hardin and Van Wert counties — dropped 32 percent, from 169 in December to 115 in January. Average sale price saw a decrease of 14.2 percent — $106,857 in December to $91,716 in January — and dollar volume went from $18.1 million to $10.5 million, a 41.6 percent decline.

Aside from the number of units sold, January’s housing numbers were also down from the same month last year. Dollar volume fell 10.3 percent and average sale price declined 15.7 percent. Units sold increased 6.5 percent.

Across Ohio, the rate of homes sold reached a best-ever mark in January, increasing 1.3 percent from the level posted during the same month last year, according to the OAR.

“The start of a new year shows the Ohio marketplace is continuing to exhibit remarkable resiliency, with gains in both the rate of sales activity and average sales price helping build a strong foundation for our housing market,” said OAR President Pete Kopf.

Kopf added that January’s average home price of $154,466 reflects a 7.5 percent increase from the $143,655 mark posted during the same month last year.

Sales in January reached a seasonally adjusted annual rate of 150,431, a 1.3 percent increase from the month’s previous best‐ever level of 148,502 posted a year ago. The market did experience a 2 percent decline in sales from December’s seasonally adjusted annual rate of 153,477.

Around the state, sales activity increased in 13 of the 18 markets tracked. Additionally, 11 markets posted gains or were unchanged in average sale price.

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Reach John Bush at 567-242-0456 or on Twitter @Bush_Lima.

Reach John Bush at 567-242-0456 or on Twitter @Bush_Lima.

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