Shortage of inventory affecting distressed properties sales
During the first quarter of 2018, the share of distressed inventory, sales and new listings was roughly one in twenty for central Ohio according to the Q1-2018 Lender-Mediated Properties report from Columbus REALTORS®.
A “lender-mediated” property is one that is listed as a bank-owned/REO, HUD, short sale, VA, or foreclosure.
The number of lender-mediated properties added to the market (new listings) during the first quarter was down 30.1 percent from a year ago.
As a result, the 158 lender-mediated properties for sale at the end of Q1-2018 was less than half of what it was a year ago, in addition to being down 21.4 percent from the previous quarter. Of those properties for sale, 150 were single-family homes and only eight were condos.
“The good news is that the number of distressed properties in central Ohio is a fraction of what it was several years ago,” said 2018 Columbus REALTORS® President Sara Walsh. “Conversely, with the lack of inventory, that is one less option available for buyers anxious to find a home.”
With fewer distressed properties for sale, lender-mediated sales dropped to 363 during the first quarter, down 41.0 percent from the 615 distressed homes sold during the same period in 2017.
The median sales price of all residential properties sold during the first quarter of 2018 rose 8.5 percent compared to one year ago. The median sales price of a traditional home rose 5.7 percent to $185,000, yet the median sales price of a lender mediated home only increased by 4.0 percent to $75,000.
Q1-2018 Lender-Mediated Properties Report
Q1-2017 Lender-Mediated Properties Report
Previous Lender-Mediated Reports
Columbus REALTORS® is comprised of over 8,000 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champagne, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.
For more information about the central Ohio housing market, see Housing Reports
To view residential properties for sale, visit a REALTOR® web site.