LIMA — Housing sales have climbed each of the last three years and are off to a good start this year.
Over the past three years, more than 6,700 houses were sold throughout west central Ohio resulting in over $689.9 million in sales and a median house price of approximately $100,000, according to data compiled by West Central Association of Realtors.
In 2015 there were 1,852 homes sold in west central Ohio with approximately $193.7 million in sales; there were 2,160 homes sold with approximately $238 million in sales in 2016; there were 2,262 homes sold with approximately $258.1 in sales in 2017 and so far in 2018, there have been 437 houses sold with approximately $47.5 million in sales.
Home buyers in west central Ohio looking for a median home priced at $100,000 can expect to find an updated 1,000- to 1,400-square-foot house with three bedrooms and a one to two-car garage, according to Jason Liening, 2018 West Central Association of Realtors President.
“Obviously prices are relative to the location of the property,” Liening said. “If there is not any hardship in the neighborhood, you are going to get a nice updated home that is very manageable.”
Although there have been roughly 2,000 homes sold each year over the past three years, Liening does acknowledge that there is a home shortage since the Allen County Land Acquisition and Neighborhood Development (LAND) Bank has begun acquiring and demolishing dilapidated properties. The dilapidated homes that were demolished were never replaced, which is led to the shortage of homes and sellers, according to Liening.
“There has not been a lot of building in Allen County,” said Liening. ” We have been getting rid of our old inventory, but haven’t added anything new to it.”
Despite the shortage, Liening said that home buyers now are looking for an updated house with amenities such as three bedrooms, two bathrooms, an attached garage, two living spaces, a man cave and outdoor living space. Many home buyers are also looking for finished and ready homes, according to Liening.
“It just all depends because there are people who look in the country and people who look in town,” said Liening. “However, whether you’re looking for a small or large home, interests rates right now are relatively low, so right now would be a great time to get a mortgage.”
Reach Camri Nelson at 567-242-0456 or on Twitter @CamriNews.