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Ohio’s January housing report: Rising list prices, increased inventory levels & shorter marketing periods

real estate concept for sale $ %

By Carl Horst, OAR Director of Publications/Media Relations

The latest overview of the Ohio housing sector shows rising inventory levels in a majority of cities, combined with higher list prices and quicker sales time frames compared to January 2015.
According REALTOR.com’s January 2016 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 January data on realtor.com indicates that the residential real estate market is following a typical January pattern, with cooler demand, reduced inventory and slower market velocity in most markets. The median list price in January is down slightly from December, largely consistent with the seasonal shift that favors buyers. At the same time, inventory continues to move down from its yearly peak, so buyers see fewer total choices but face less competition for the supply on the market.

Listing inventory trended down 7 percent over December, following the usual winter pattern. Inventory also continues to move slower per seasonal trend, but it still faster than this time last year. The median age of inventory is now 100 days, which is up 6 percent from December but still down 4 percent year-over-year. The median listing price ended at $228,000, remaining flat over last month, but up 9 percent year-over-year.

Compared to the findings from a year ago, all nine of the Ohio markets tracked reported an increase in the median list price in January. Seven of the state’s markets reported a faster pace of sales or were unchanged, while a majority of Ohio markets saw an increase in the number of homes being marketed for sale compared to January 2015 levels.

January 2016 vs. January 2015

Median List $
Total Listings Median Age of Inventory
Akron 7.4% 1.1% -6.3%
Canton-Massillon 3.5% 3.9% -7.3%
Cincinnati 8.1% -15.8% -11.9%
Cleveland-Elyria 2.4% 6.2% -5.5%
Columbus 10.8% 11.1% -13.9%
Dayton 2.9% 13.1% 0%
Springfield 9.5% 11.5% 2.0%
Toledo 5.6% -9.1% -4.6%
Youngstown-Warren-Boardman 7.5% -0.9% 3.5%
U.S. Average 8.6% -4.0% -3.9%

“We’re continuing to see positive developments within the Ohio housing market, notably achieving a fourth consecutive monthly increase in our inventory levels throughout most of the state compared to a year ago,” said Sara Calo, president of the Ohio Association of REALTORS. “We’re hopeful that this trend will continue, giving interested buyers more options to discover their ideal home.

“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