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 December 2014 increased 14 percent from the level posted during the month a year ago.
The rate of purchase contract signings in December fell 12.1 percent from the market’s best-ever pace recorded in November 2014.
Ohio’s December Pending Home Sales Index of 144.9, a forward-looking indicator based on contract signings, increased 14 percent from December 2013 (127.1). Activity in December decreased 12.1 percent from the record pace of agreements reached in November 2014 (165.0).
Pending sale index posted during the fourth quarter 2014 (158.6) tops all quarters reached throughout 2014, besting first quarter (118.3), second quarter (143.8) and third quarter activity (146.8). The fourth quarter 2014 pace reached the highest index for all quarters since OAR began recording statewide data in 2008.
“The Ohio housing marketplace is continuing to exhibit tremendous strength, as the number of homes put under contract in December reached an all-time high for the month and marks our eighth consecutive month of year-over-year gains,” said OAR President Greg Hrabcak. “The industry is hopeful that the momentum that’s been established throughout 2014 will continue as we move forward.”
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, December’s Index score of 144.9 marks a 44.9 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.
Over the past 10-plus years hundreds of real estate professionals throughout the country have been murdered, violently assaulted, raped, beaten and robbed in the workplace. In fact, tragedy hit close to home four years ago when two of our own — Vivian Martin and Andrew VonStein — were killed in separate incidents on back-to-back days when showing vacant homes. More recently, the industry was shocked by the tragic, unfortunate murder of an Arkansas REALTOR who was similarly killed doing what a real estate professional does — simply showing a home. These incidents illustrate the importance of taking safety precautions in your daily activities. Our Ohio Safety Series is an ongoing effort to provide you with insights to ensure the safety of you and your clients.
Always have your keys with you
Park in a well-lit area
Don’t get blocked in
Beware of dead-end streets
Keep your car in good running condition
Consider using separate cars
You spend a lot of time in your car. This, in itself, exposes you to a greater likelihood of running out of gas, a mechanical failure or an accident. Make sure you have a fully-charged cell phone, tools, blankets, flares, first aid kit and warm clothes in the trunk of your car.
For driving safety. purchase a hands-free phone kit or use Bluetooth for your car.
Whenever possible, take separate cars. As you park your car, take in your surroundings and ask yourself: In an emergency, am I going to be able to run to my car and drive away? You won’t be able to escape if you are blocked in. Park on the street whenever possible. Make sure all the doors are locked when you are driving. Secure valuables out of sight. If you are only taking one car, make sure you drive!
The OAR Board of Directors honored a number of Local Boards/Associations for excellence in support of the industry’s REALTORS Political Action Committee campaign in 2014. Pictured is the Akron Cleveland Association’s Karen O’Donnell (center), which swept all four categories in its division — total dollars raised, per capita, percent of participation and the overall excellence award. Presenting the plaques is 2014 RPAC Trustee Chair Rick DeLuca (left) and Phil Morrical, III, chair of the Political Activity & RPAC Fundraising Committee.
Members of the Ohio Association of REALTORS made investments of more than $729,000 to the REALTORS Political Action Committee in 2014, helping to strengthen the profession’s voice at all levels of government. “Whether it’s at City Hall or on Capitol Hill, REALTORS lead the fight for private property rights.” said Phil Morrical, III, 2014 chair of the OAR Political Activity & RPAC Fundraising Committee. “RPAC is critical in ensuring that we support candidates empathetic to the policies of concern to real estate professionals and property owners. I can’t thank our membership enough for the remarkable support they gave this important cause throughout the past year.”
OAR’s Board of Directors honored the following Boards/Associations for their overall accomplishments during 2014: Akron Cleveland, Toledo, Medina County, Warren Area and Ashland. Additionally, Directors recognized Columbus REALTORS and the Cincinnati Area Board for their tremendous support of the RPAC program.
Greg Hrabcak, 2015 president of the Ohio Association of REALTORS, and CEO Bob Fletcher discuss the key issues currently being addressed by the organization, including: legislative action at the Ohio State House, home sales activity, a recap of the Winter Conference and the ongoing effort to help Local Boards/Associations comply with NAR’s Core Standards requirements.
By Carl Horst, OAR Director of Publications/Media Relations
The Ohio housing marketplace continued to establish a solid foundation in 2014, as sales nearly matched the activity level of 2013 and average prices posted a 5 percent gain, according to the Ohio Association of REALTORS.
Homes sales finished 2014 with a seasonally adjusted annual rate of 127,399, a slight 1.3 percent decrease from the 2013 year-end rate of 129,108. The average sales price across Ohio in 2014 reached $149,210, a 5 percent increase from the $142,135 mark posted during 2013.
“It’s evident that the Ohio housing market has not only regained its footing, but that we’ve rebuilt a solid foundation that is able to withstand any minor variances that may arise due to current market factors,” said OAR President Greg Hrabcak. “The re-emergence of a traditional, stable housing sector is a welcomed development for current and would-be homeowners.”
Sales in December reached a seasonally adjusted annual rate of 129,724, a negligible 0.9 percent decrease from the 130,842 level posted last month. The market experienced a 3.1 percent increase in sales from December 2013’s seasonally adjusted annual rate of 125,795. Sales during December 2014 reached the highest level for the month since 2006.
December’s average home price of $145,655 reflects a 4 percent increase from the $140,038 mark posted in December 2013.
Around the state, 14 of the 20 markets tracked reported increases in sales activity levels during the month. All but seven local markets showed an increase in average sale price compared to December 2013.
Home sales during the fourth quarter of 2014 were up sharply from the first three quarters of the year, as well as compared to the three-month period in 2013. Specifically, fourth quarter 2014’s seasonally adjusted annual rate reached 135,317, a 4.6 percent increase from the third quarter mark of 129,319 and up 6.7 percent from the fourth quarter 2013 rate of 126,790. Total dollar volume in 2014 reached more than $19.5 billion, a 3.5 percent increase from the 2013 level of nearly $18.9 billion.
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 more than 28,000 members, is the largest professional trade association in Ohio.