A good time to be in the market for a home

Joe Centers - Norwalk Reflector, Ohio (TNS)

The number of homes sold across Ohio in October rose from the pace set during the month a year ago, posting a 2.3 percent increase, according to Ohio REALTORS.

The news wasn’t as good in the Firelands area where some of the numbers took a nosedive.

The number of units dropped from 294 in October 2018 to 255 in October 2019, a 13.3 percent drop. The dollar volume dropped from $47,066,364 to $42,720,793, a drop of 9.2 percent.

The good news was the average sale price in the Firelands area jumped to $167,533 this October compared to $160,090 last year — a 4.6 percent increase.

The Firelands area consists of Huron, Erie, Sandusky, Ottawa and Lorain counties.

The numbers are much better in Huron County.

Homes sold in October 2018 compared to October 2019 were the same at 52.

The dollar volume in 2018 was $6,919,573 with an average sale of $133,000.

The dollar volume in 2019 was $7,503,575 with an average sale of $144,300.

“We have seen an increase in sale price not quite 10 percent with the same number of sales,” said Frank Van Dresser, of RE/MAX Quality Realty. “The market the last three years has been real hot. This is a great time to get a house on the market. We are seeing more multiple offers with inventory levels where they are. It is a sellers’ market.

“Inventory is a little low right now, which drives prices up. We’ve got more buyers out there than we have homes.

“It is a great time to be a seller and a great time to be a buyer with a 30-year, fixed-rate mortgage in the fours. We know those rates won’t stay here. To a buyer, you can take on a bigger house with those rates.”

How will the holiday season affect house sales?

“We typically see a little bit of dip with real cold temperatures and snow,” Van Dresser said. “After Thanksgiving, it is Christmas mode you see a slowdown in December. It will pick up in January. … It really never stops.”

The news also is good at the state level.

“The strength and stability of the Ohio housing marketplace is evident, as sales activity levels for the year are besting the pace set a year ago,” said Ohio REALTORS President Anjanette Frye. “In addition to our resilient sales activity, the marketplace is also exhibiting a steady rise in the average sales price — good news for current and would-be buyers that housing in Ohio continues to be a solid, long-term investment.”

October’s average home price of $192,062 reflects a 4.7 percent increase from the $183,406 mark posted during the month last year.

Sales in October reached 13,529, a 2.3 percent increase from the 13,226 sales recorded during the month a year ago.

Through the first 10 months of the year, sales activity has improved slightly from the level posted in 2018. Sales from January through October reached 130,326, a 0.4 percent rise from the 2018 level of 129,781 sales.

Around the state, 13 of the 18 markets tracked reported upswings in average sales price in October, while 11 posted gains in sales activity.

Data provided to Ohio REALTORS by multiple listing services includes residential closings for new and existing single-family homes and condominiums/ co-ops. Ohio REALTORS, with more than 32,000 members, is the largest professional trade association in Ohio.


Joe Centers

Norwalk Reflector, Ohio (TNS)

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