Exactly what a wonderful and exciting time for those professionals involved with Ohio’s real-estate market from the broad sense right down to the neighborhood community markets. Exciting not only for Realtors, but additionally for contractors, builders, inspectors and let’s not your investment banks.
At winter months conference of the Ohio Association of Realtors in Columbus, when Lawrence Yun spoke, he allayed the fears of a couple of, and confirmed the hopeful suspicions of Realtors across the board. Ohio is definitely one of the worst hit states of the after-market crash, in conjunction with frightening unemployment rates, declining neighborhoods and not much hope in sight. Yet, miraculously within the last few eighteen months, things took bold and dramatic turns for the Buckeye State.
Mr. Yun confidently predicted that home prices could jump as high as 15% in 2013, with sales activity increasing to significantly more than 20 percent over another three years.
The changes pricing and sales activity we’ve witnessed in the Greater Dayton Metro area fully supports Mr. Yun’s welcome predictions, and further supported with the findings and reports of the Dayton Area Board of Realtors.
Condominium property and single family residential home sales reported to the DABR in November of 2012 topped the last year’s performance by 22% compared to November home sales in 2011, with a tendency of increasing sales in ten out of eleven months.
The Dayton metropolitan area enjoyed a big step forward with a sizable gain of 28.8% upsurge in sales volume last November (2012). The average sales price finished at only over $121,000, whilst the median price held at an awesome $107,000. This equates to a growth of 5.23% in sales price over last year, and upsurge in median price of 17.26% from the same time frame period of the last year.
More welcome news is fewer reported foreclosures, yet another sign the economy is returning swinging. Also interesting, Dayton currently offers $2,500 to $20,000 in grant funding to very first time buyers in concentrated effort to stabilize neighborhoods, and further current evidence to support Mr. Yun’s predictions. Overall, Dayton homes and real-estate are looking mighty tempting;
Keep in mind, the Greater Dayton Metropolitan Statistical Area is far larger than the City of Dayton itself, and these welcome metrics encompass many counties and communities within free fence quote. If Dayton’s strengthening real-estate market is any indicator at all, Ohio’s housing industry is poised for long-term increasing stability.
Still many have fears that further changes in lending practices may challenge a big portion of buyers on the market, with private mortgage insurance not being dropped after a loan to value ratio of 80% is achieved, or stricter credit profile requirements. However, many Realtors and colleagues I use speculate with more jobs, the capacity to pay down charge cards and other bills, buyers are making good personal gains with credit again.