LIMA — Sales of homes in the Lima region are up 25 percent from September 2017, said Tim Stanford, vice president of real estate services at Superior Financial Solutions.
There were 172 homes and condos sold in the region in September 2017, whereas in September 2018, there were 193 homes sold.
“August was a little down,” said Stanford. “That’s encouraging because you hear reports from other parts of the country where the market is slowing down and it seems like things are staying steady here.”
A recent study from the National Association of Realtors indicates that there are less first-time home buyers because of student debt and high interest rates.
“Even with a thriving economy and an abundance of job opportunities in many markets, monthly student loan payments coupled with sky-high rents and rising home prices make it exceedingly difficult for potential buyers to put aside savings for a down payment,” said NAR Chief Economist Lawrence Yun in a news release.
Stanford believes that the housing sales could have been lower in August than in September because of the impact of the Allen County Fair.
“With the Allen County Fair being at the end of August people could have stopped having interest in real estate and were focused on getting kids back to school,” said Stanford. “That happens every year, but it might be something different for our market and that activity could have been pushed up to September.”
While the total number of housing sales was $19,986,558 in September 2017, it was $24,827,575 this September.
The average listing price for a home in September 2017 was $122,158 and the average sale price was $116,201.
In September 2018, the average listing price of a home was $134,186 and the average sale price was $128,640.
A total of 70 percent of the homes sold in September 2018 had three bedrooms, 17 percent had four or more rooms and 13 percent had two rooms or less.
Although sales are up from last year, Stanford said he is curious to see how well sales will be in October.
“It will be interesting to look at October numbers considering the election because, in general, if there is uncertainty, it does not help with real estate sales,” said Stanford. “I think once the election’s over, however it is decided, it will bring some clarity and we will be able to help people focus on what is important, which is buying and selling real estate.”
Reach Camri Nelson at 567-242-0456 or on Twitter @CamriNews.