What a wonderful and exciting time for those professionals involved in Ohio's real estate market from the broad sense down to the local community markets. Exciting not only for Realtors, but also for contractors, builders, inspectors and let's not forget the banks.
At the winter conference of the Ohio Association of Realtors in Columbus, when Lawrence Yun spoke, he allayed the fears of a few, and confirmed the hopeful suspicions of Realtors across the board. Ohio is indeed one of the worst hit states of the after-market crash, coupled with frightening unemployment rates, declining neighborhoods and not much hope in sight. Yet, miraculously in the last eighteen months, things have taken 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 more than 20 percent over the next 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 previous year's performance by 22% compared to November home sales in 2011, with a trend of increasing sales in ten out of eleven months.
The Dayton metropolitan area enjoyed a large step forward with a sizable gain of 28.8% increase in sales volume last November (2012). The average sales price finished at just over $121,000, while the median price held at a cool $107,000. This equates to an increase of 5.23% in sales price over last year, and increase in median price of 17.26% from the same time period of the previous year.
More welcome news is fewer reported foreclosures, an additional sign the economy is coming back swinging. Also interesting, Dayton currently offers $2,500 to $20,000 in grant funding to 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;
Bear 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. 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 large portion of buyers out there, with private mortgage insurance not being dropped after a loan to value ratio of 80% is achieved, or stricter credit profile requirements. Even so, many Realtors and colleagues I work with speculate with more jobs, the ability to pay down credit cards and other bills, buyers are making good personal gains with credit again.