Home purchase agreements reach best-ever level in April

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By Carl Horst, OAR Director of Publications/Media Relations

The Ohio Association of REALTORS reports the number of single-family homes and condominiums put under agreement in April 2015 increased 15 percent from the level posted during the month a year ago.

The rate of purchase contract signings in April rose 3.2 percent from the market’s March 2015 pace.

Ohio’s April Pending Home Sales Index of 158.2, a forward-looking indicator based on contract signings, increased 15 percent from April 2014 (137.6). Activity in April increased 3.2 percent from the pace of agreements reached in March (153.3).

“The Ohio housing marketplace is continuing to steadily exhibit signs of improvement, as our April pending sales index reached a best-ever level for the month,” said OAR President Greg Hrabcak. “Additionally, the Ohio market has now tallied 12 consecutive months of year-over-year gains in agreements reached.”

Compared to 2008, a historically healthy market that marked the end of five consecutive record years for existing home sales and the onset of the recession, April’s Index score of 158.2 marks a 58.2 percent increase.

A pending sale or a sale “under agreement” is when the buyer and seller agree on terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close and be recorded as such. Refer to the following report to view the pending home sales index and methods.

OAR, the largest professional trade association in the state with more than 28,000 members, is the only organization that compiles this state wide information from selected Multiple Listing Services each month. The tracking of “pending sales” provides reliable information about where the market is heading in coming months.

Tags: pending home sales, research

Ohio Market Watch: More REALTORS reporting that all transactions are closing

By Greg Stitz, OAR Director of Research

Most notably over the past year, when this question was last asked, 14 percent more Ohio REALTORS are claiming all their transactions are closing. In the most recent OAR Housing Confidence Survey, respondents were asked to indicate the top two reasons their transactions have not closed over the past year. Last year 28 percent indicated all their transactions closed; increasing to 42 percent when the question was asked this year. Inspection issues continue to be the number one reason transactions are not closing this and last year. Also this year, finance issues dropped by 5 percentage points compared to last year and appraisal issues rose by 5 points.

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Survey results are based on responses to a monthly survey, designed to capture the effects of the existing economic conditions and trends on the real estate industry, sent to a pool of 1,500 OAR participants. Click here to participate in future OAR Housing Confidence Surveys.

Tags: Ohio Market Watch, research

Ohio’s April housing report: Rising list prices, unchanged inventory levels & quicker sales

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By Carl Horst, OAR Director of Publications/Media Relations

The current snapshot of the Ohio housing marketplace show list prices continuing to tick upward, flat inventory levels and an ongoing decline in the median age of inventory compared to where the market stood a year ago.

According to REALTOR.com’s April 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:

Realtor.com’s analysis of April residential real estate data indicate that while inventories are growing more quickly, overall supply continues to struggle in keeping pace with the growing demand.

As a reflection of the tight supply, median list prices are still rising, though not as fast as March. They are now at $225,000, up 9% y/y and 2% m/m. Median days on market, now at 73 days, continues to decline sharply, down 12% y/y and 18% m/m. Listings inventory is now growing faster, at 5% m/m but it is still down y/y.

On the demand side we are seeing traffic and searches on Realtor.com continue to set new highs in April. Unique users for the month are on pace for 40% growth y/y, while visits and searches are expected to be up more than 50% and 35%, respectively.

The higher level of inventory along with growing demand should lead to positive growth in reported contracts for both existing and new homes in April and closings in May.

Despite the growth in listings, supply remains tight and continues to favor sellers as the median age of inventory continues to be down considerably year-over-year.

Compared to the findings from a year ago, seven of the nine Ohio markets tracked reported an uptick in the median list price in April, while the time frame that homes are being marketed for sale shrank in all but two markets compared to 2014. Additionally, inventory levels throughout most of the state were unchanged from April 2014.

 

April 2015 vs. April 2014

Median List $
Total Listings Median Age of Inventory
Akron -3.4% 0% -11.7%
Canton-Massillon 6.0% 0% 0.9%
Cincinnati 13.5% 0% -25.3%
Cleveland-Elyria 4.7% 0% -0.7%
Columbus 5.2% 0% -19.4%
Dayton 1.8% 0% -13.3%
Springfield 2.0% 0% -23.9%
Toledo 9.3% 0% -8.1%
Youngstown-Warren-Boardman -4.6% 0% 4.7%
U.S. Average 8.2% -17.3% -12.1%

 

“The progress we’re experiencing in the Ohio housing market — from steady, modest gains in list and sale prices to a continued reduction in the number of days homes are being marketed — is a reflection of the strong desire and appeal that home ownership has across the Buckeye State,” said Greg Hrabcak, president of the Ohio Association of REALTORS. “We’re hopeful that as we progress into the summer home buying season we’ll see an uptick in listings, as home buyers that have been on the fence opt to make a move to take advantage of the favorable market conditions and low interest rate environment.”

Tags: research

Coaching Corner: Stop…drop…roll

By “Coach” Marilou Butcher Roth

One of my intentions in coaching is to provide clear and easy tools to assist you in creating a more fulfilling life, both professionally and personally. We all have a tendency at times to make things more difficult than they need to be. OK, perhaps I am speaking only of myself, but I am guessing there are others out there who have similar experiences.

Today, bring to mind a recent situation that occurred for you that felt challenging or upsetting — basically, something happened that you did not like! What did you do when it happened? How did you react? Did you speak words that looking back you wish you could cancel out? Let’s explore the possibility of how to create a more “easeful” experience around those situations.

During a group coaching session earlier this week, I was explaining this particular tool and wanting to put it into a form that the group might remember and be able to access at a moments notice, and this is our result:

STOP — When a situation occurs that generates discomfort of some kind for you…STOP! Before you have a reaction of saying something you wish you had not or perhaps before leaving abruptly…STOP!

DROP — Now, notice what is happening for you, i.e. DROP inside yourself to determine what you are feeling. It might be anger, sadness, fear — or milder versions of these emotions such as frustration, disappointment or anxiousness. Or, you might be aware of a body sensation of some kind — perhaps you notice that your jaw is clenched or your stomach is tightening up. Just notice and allow that feeling to be there without judgment about it.

ROLL — Once you have awareness as to what you are feeling, ask yourself if there is an action that needs/wants to be ROLLED out. Is there a conversation you need to have or do you just need to spend some time to be with yourself and the situation? Trust your inner guidance and act accordingly.

Stop, drop and roll are words that we know in relation to when a fire occurs and now, when another type of fire occurs, you will be able to access the same grouping to bring you to an easier space for yourself.

Enjoy the holiday weekend!!!

 

Marilou Butcher Roth is the owner of The MBR Group, a coaching and training company working primarily with REALTORS who have a desire to work and live from a more inspired place. She is also the Broker/Owner of Group REALTORS in Cincinnati.

Marilou is a member of the OAR Board of Directors and past chairman of the organization’s Communications Committee. Feel free to contact Marilou to see if coaching is right for you: Marilou@mbr-group.com

 

Tags: Coaching Corner, training

Home sales activity across Ohio remains strong in April

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By Carl Horst, OAR Director of Publications/Media Relations

The number of homes sold across Ohio in April rose 12.1 percent from the level posted during the month a year ago, the market’s eighth consecutive monthly year-over-year gain, according to the Ohio Association of REALTORS.

Additionally, home sales activity in April increased 2.3 percent from the level reached in March 2015.

“Homes sales activity throughout the Buckeye State remains robust, as our sales totals reached the highest level for the month since 2006,” said OAR President Greg Hrabcak, “Equally important, the marketplace is experiencing a continued, steady rise in the average sale price. This is a clear indication that consumers are regaining confidence that housing is a solid long-term investment.”

April’s average home price of $148,270 reflects 2.2 percent increase from the $145,100 mark posted during the month last year.

Sales in April reached a seasonally adjusted annual rate of 137,089, a 12.1 percent gain from the 122,244 level during the month a year ago. The market also experienced a 2.3 percent rise in sales from March’s seasonally adjusted annual rate of 134,031.

Around the state, 16 of the 20 markets tracked reported upswings in sales activity levels. The average sales price increased in 12 markets.

Data provided to OAR by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops. The Ohio Association of REALTORS, with nearly 28,000 members, is the largest professional trade association in Ohio.

Click here to view OAR’s seasonally adjusted Ohio home sales report. To access a market-by-market analysis of sales activity throughout Ohio, click here.

Tags: home sales, research

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