LIMA — Dino Guagenti has been selling houses in the Lima region for more than 20 years. The owner/broker of RealLiving-CCR Realtors will tell you he’s never seen a market like the current one.
If you’re looking to sell a house, you couldn’t have picked a better time than now.
However, if you’re wanting to buy a home, prepare to move quickly.
“We’ve had houses that have received five to 10 offers. It’s not uncommon to see a house bring more than the asking price, and they’re selling in two to three days,” Guagenti said.
The first quarter of 2021 saw 530 homes sold in the Lima area. That’s almost twice the number of the 272 homes sold during the same period a year ago, according to Ohio REALTORS statistics released Thursday. The 95% increase in sold houses was easily tops in the state, followed by a 35% increase in the Ashland area.
The average price of a home sold in the Lima region during the first quarter this year was $179,563, compared to $149,929 a year ago — almost a $30,000 increase.
Inventory is a concern heading into the summer months.
There are only around 300 homes on the market as of Thursday afternoon, compared to the normal 700 to 1,000, Guagenti said. And while the average price of a home sold during the month of March was $154,393, the number of sales were 75, the same as last year.
“We have a list of people who want to put their house up for sale, but they’re waiting to buy one first,” he said. “The demand is in all price ranges, from $50,000 to $500,000. It’s crazy.”
Mortgage rates, meanwhile, have dipped for the first time since January.
Mortgage buyer Freddie Mac reported Thursday that the benchmark 30-year loan rate dipped to 3.13% this week from 3.18% last week. At this time last year, the long-term rate was 3.33%.
The rate for a 15-year loan, popular among those looking to refinance, fell to 2.42% from 2.45% last week. One year ago it was 2.77%.
Data provided to Ohio REALTORS by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops. The West Central Association numbers include homes sold in Allen, Hardin and Van Wert counties.