LIMA — It was a situation that played out over and over in west central Ohio during June, July and August — the peak summer months for home sales.
A “for sale” sign would go up in someone’s yard, and within weeks — sometimes even days — the home would be sold.
From 2017 to 2018, the sale price of homes increased by almost 15 percent, according to Tim Stanford, vice president of real estate services at Superior Financial Solutions.
“It goes in line with there being great demand out there, and it’s a great time to sell a house because prices have been appreciating considerably,” said Stanford. “I’ve been selling real estate since 1986, and I would say that this is the biggest year that I could remember.”
Despite the recent one-quarter percent interest rate increase set by the Federal Reserve, Stanford believes that it will have a minimal impact on housing sales within the next few months.
“The interest rates are at historic lows,” said Stanford. “There were times before the recession where you would have never dreamt of having interest rates around 5 percent. I think the elections in November could possibly have an effect on housing sales, and that would be the only uncertainty out there.”
In August 2018, there were 207 homes and condos sold in west central Ohio with a average sale price of $130,387, according to Stanford. There was a 9 percent decrease of homes and condos sold in August 2018 compared to August 2017. In August 2017, there were 226 homes and condos sold with an average sale price of $126,388.
The list and sale price of the homes and condos sold in August and July of 2018 were similar with only a 4 percent difference.
There was a 8 percent increase of homes sold in July 2018 compared to July 2017. In July 2018 there were 191 homes and condos sold and an average sale price of $128,833, whereas, in July 2017, there were 177 homes and condos sold with an average sale price of $112,728.
The total dollar amount of homes sold in July 2018 was $24,607,056, and in July 2017, it was $19,873,273.
There was a 20 percent decrease of homes sold in June 2018 compared to June 2017. In June 2017 there were 240 homes and condos with an average sale price of $126,041. There were 192 homes and condos sold in June 2018 at an average sale price of $137,814.
The total dollar amount of homes sold in June 2018 was $26,460,365 and $30,249,955 in June 2017.
Reach Camri Nelson at 567-242-0456 or on Twitter @CamriNews.