LIMA — The region’s housing market is on an upswing so far in 2016, as the average sale price and number of units sold have increased fairly significantly from 2015.
According to the Ohio Association of Realtors, the average sale price of a residential home in the organization’s West Central Ohio region — Allen, Hardin and Van Wert counties — is 12.3 percent higher than in 2015. The average sale price went from $96,423 in 2015 to $108,275 through April. This is 6.5 percent higher than the average statewide increase of 5.8 percent.
Additionally, the number of homes sold in the region has risen 32.9 percent, from 431 in 2015 to 573 in the first five months of 2016. This is a much larger increase than the statewide average of 9.4 percent.
“It’s really become a sellers market, as there are more buyers than sellers right now,” said Tim Heinz, president of the West Central Association of Realtors. “A lot of times you’ll have multiple offers, and you’ll have buyers put in a better first offer so they can beat out the other buyers. But there’s a lot of other factors contributing to these increases as well.”
Heinz said other factors include lower interest rates and the increased value of homes that are appraised.
Home “values are going back up, and you’re seeing a lot more activity as far as home sales and the amount of buyers,” he said.
The sellers market has not only driven up the value and sale price of homes, it also correlates to the amount of units sold. With more buyers than sellers, homes aren’t staying on the market as long.
With more buyers in the market and average sale prices increasing, what does $100,000 to $110,000 get you in terms of a home?
Heinz, who is also an agent with Yocum Realty, said a ranch-style home he recently sold for about $100,000 came with three bedrooms, a bathroom and a one-car garage. The home, located near Lima Memorial Health System, consisted of 1,704 square feet on four-tenths of an acre of land.
Another home for sale in Lima, listed for $105,000 by Cowan Realtors, features three bedrooms, one bathroom and a large, fenced-in yard. A $109,900 home in the Allen East school district, listed by Ron Spencer Real Estate, comes with five bedrooms, two bathrooms and a two-car garage, all on 1,932 square feet.
“There’s been a marked increase in average sale price,” Heinz said, “but you’re mostly getting homes with high value at a price that’s still pretty good compared to some other markets.”
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