LIMA — Home sales in the Lima region fared slightly better than the statewide average during April, as the real estate market wrestles with a period of drastically declined activity amid the COVID-19 pandemic.
According to statistics released this week by the Ohio REALTORS group, the number of homes sold across Ohio in April fell 18.6% from the level seen one year earlier.
For the month, 11,057 homes were sold, down from 13,578 in April of 2019. The total value of those homes this year stood at just over $2.2 million, down 14% from last year. The average sale price of those homes reflected a 5% increase and stood at slightly more than $200,000.
In the organization’s West Central region, which includes Allen County, home sales were down 15.1% in April compared to April 2019, with 174 units representing $23.7 million trading hands. The average sale price for a home in the region during April was $136,637, up 4.2% from last year.
Through the first four months of 2020, the Limaland area lagged slightly behind the state average in the same comparables.
New home sales were down .3% for the January through April period, while sales were down .8% in the West Central region. Figures show 609 homes were sold representing $82.5 million in the Lima area during the four-month stretch. The average sale price of those homes - $135.542 – was up 9% from one year earlier. Statewide the average sale price during the same time period was $193,558.
“The Ohio housing marketplace was significantly impacted by the COVID-19 crisis, as sales activity fell drastically in the days and weeks leading up to state issuing its stay-at-home order on March 22,” Ohio REALTORS President Chris Reese said in a press release. “We experienced a slowdown in showings, sellers removing their homes from the market and an overall desire to shelter in place for most of the month.”
Reese said realtors embraced new technologies — including virtual showings — and followed the health profession’s best practices to ensure the safety and well-being of buyers and sellers looking to make a move.”
According to the National Association of Realtors, existing-home sales dropped in April, continuing a two-month skid in sales brought on by the coronavirus pandemic.
Total existing-home sales, completed transactions that include single-family homes, town homes, condomini-ums and co-ops dropped 17.8% from March to a seasonally-adjusted annual rate of 4.33 million in April. Overall, sales decreased 17.2% from a year ago.
“The economic lockdowns – occurring from mid-March through April in most states – have temporarily disrupted home sales,” said Lawrence Yun, NAR’s chief economist. “But the listings that are on the market are still attracting buyers and boosting home prices.”
April’s existing-home sales are the lowest level of sales since July 2010 and the largest month-over-month drop since July 2010, according to the association.
The median existing-home price for all housing types in April was $286,800, up 7.4% from April 2019 as prices increased in every region. April’s national price increase marks 98 straight months of year-over-year gains.