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Ohio’s December housing report: Rising inventory levels, uptick in list prices & a quicker pace of sales

By Carl Horst, OAR Director of Publications/Media Relations

The latest overview of the Ohio housing sector shows the marketplace continuing to transition, with a majority of cities reporting an uptick in the inventory of homes listed for sales, rising list prices and quicker sales time frames compared to December 2014.

According REALTOR.com’s December 2015 Housing Report, which tracks inventory of for-sale single-family homes and condos, median list prices, inventory levels and days on the market for 300 cities across the country:

Our analysis of December data on realtor.com indicates that the residential real estate market followed the normal holiday cool down, with cooler demand, reduced inventory and slower market velocity in most markets. The median list price in December was down slightly from November, largely consistent with the momentum shift that now favors buyers. At the same time, inventory continued to move away from its yearly peak, as buyers continued to see fewer choices through the end of the year.

Listing inventory trended down 8 percent over November, consistent with the seasonal decline. Inventory moved slower as markets entered the New Year, but it continued to move faster than this time last year. The median age of inventory is now 94 days, which is up 12 percent from November but still down 6 percent year-over-year. The median listing price showed a slight decrease over last month, down 1% to $228,000, a move that still signified a 9 percent increase year-over-year.

Compared to the findings from a year ago, all nine of the Ohio markets tracked reported an increase or remained unchanged in the median list price in December. Eight of the state’s markets reported a faster pace of sales, while a majority of Ohio markets saw an increase in the number of homes being marketed for sale compared to December 2014 levels.

December 2015 vs. December 2014

Median List $
Total Listings Median Age of Inventory
Akron 6.3% 1.5% -8.6%
Canton-Massillon 7.8% 3.2% -15.7%
Cincinnati 8.1% -16.7% -10.4%
Cleveland-Elyria 3.2% 6.7% -12.9%
Columbus 11.5% 13.5% -17.5%
Dayton 0% -3.9% -8.7%
Springfield 10.6% 8.2% -5.9%
Toledo 6.5% -8.8% -2.2%
Youngstown-Warren-Boardman 7.3% 2.0% 2.9%
U.S. Average 9.1% -3.6% -6.0%

“We’re continuing to see the Ohio housing sector transition into a more balanced marketplace, highlighted by a third consecutive monthly increase in the number of homes being marketed for sales compared to a year ago in a majority of cities,” said Sara Calo, president of the Ohio Association of REALTORS. “The real estate industry is hopeful that this will be an ongoing trend throughout the Buckeye State, providing interested buyers with more options in their home search.

“Additionally the steady increases in median list prices — combined with the shorter time frames that homes are on the market — indicate that the desire for home ownership remains strong across Ohio.”

Tags: research