LIMA — Realtors in the Lima region are looking for another strong year in home sales, with the average price of a home sold in January being $153,334.
That’s a 25% percent increase from a year ago January, which saw the average price at $122,391.
“It’s too early to say if it will continue to be a seller’s market, but this is a good sign,” said Bailey Joseph, president of the West Central Association Board of Realtors.
Joseph is looking for interest rates to remain low. Currently, a 30-year fixed mortgage rate in the Lima region can be found from 2.91% to 3.32%.
The number of available homes will also drive price. As of Wednesday, there were 118 active listings in Allen County and about 205 homes in the area’s multiple listing service.
“This is a low inventory,” Joseph said. “Five to six years ago we would have approximately 1,500 listings at any given time.”
There were 36 homes sold in West Central Ohio during January, compared to 43 a year ago. Homes currently listed for $150,00o include those with two to three bedrooms and one to two bathrooms, with the location and shape of the house being key factors.
Joseph looks for March to be a big month for sales. “The banks have grant money called welcome home funds. It’s a great time to get approved.”
Across Ohio, the average sales price reached $211,050, a robust 14.8 percent increase from the $183,782 mark posted during the month in 2020.
“The start of a new year shows a housing marketplace that has no indication of slowing, with positive gains in pricing and a strong pace of sales across the state in January,” said Ohio Realtors President Seth Task. “Despite a significantly tight inventory of homes for sale throughout the state, Ohioans are eager to take advantage of the historic low interest rates and achieve their housing dream.