LIMA — It was a seller’s market in 2018.
The West Central Association of Realtors found the average home sale price in the region rose by 14 percent in 2018 compared to 2017, said Tim Stanford, vice president of real estate services at Superior Financial Solutions.
Meanwhile, active listings fell by 15 percent as homes spent fewer days on the market, according to the Ohio Association of Realtors.
Homes were so selling so quickly that Dino Guagenti, a broker with Real Living CCR Realtors in Lima, said many families struggled to find a new home after selling.
“We have a lot of people that want to sell but have nowhere to go,” he said. “It used to be finding a home was easy, selling was hard. Selling a home isn’t the problem (now). It’s finding somewhere else to go once they sell.”
What’s in demand
The average home in west central Ohio sold for $129,754 last year. That’s a 14 percent increase over 2017, according to the West Central Ohio Association of Realtors.
Mid-priced homes — those priced between $75,000 and $200,000 — were the top sellers in Lima, while higher-end homes stayed on the market longer, according to Guagenti. “If they’re priced right,” he said, “we’d get offers within days. Some the day of listing … That’s going to continue throughout this year too, I think.”
Homes that are move-in ready were also popular, according to Jason Liening, a broker with Cowan Realtors. Those homes typically include three bedrooms, two bathrooms and two living areas.
“The finished product is selling better,” he said.
Homes were selling so fast that inventory is now at the lowest level Guagenti has seen in his 18 years in realty.
“In bigger cities, it’s normal to have eight showings the first day and have two to three offers on it,” Guagenti said. “In Lima, it wasn’t normal. Now it’s getting to be the norm … We’ve got plenty of buyers, but the houses aren’t there.”
The key to selling quickly, according to Guagenti, is listing a home at the right price.
The trend is not limited to Lima.
“The tight inventory of homes for sale is not only contributing to the list prices continuing to rise, it is a key factor in quickening the pace of sales in nearly every market throughout the state,”Ohio REALTORS President Anjanette Frye stated in a press release.
Reach Mackenzi Klemann at 567-242-0456.