As we say in the Real Estate Industry, "location, location, location." It is helpful to know how our little area of the world is comparing with the national news that we might be reading or hearing. Let's take a look at some numbers. We can comfortably consider the first quarter to have been a good start for residential real estate in Portage County, Ohio in 2017. There was certainly plenty to worry over when the year began. Aside from new national leadership in Washington, DC, and the policy shifts that can occur during such transitions, there was also the matter of continuous low housing supply, steadily rising mortgage rates and ever-increasing home prices. Nevertheless, sales have held their own in year-over-year comparisons and should improve during the busiest months of the real estate sales cycle.
New Listings were down 3.2 percent to 239. Pending Sales increased 38.4 percent to 220. Inventory shrank 28.6 percent to 481 units. Prices moved higher as Median Sales Price was up 6.0 percent to $154,500. Days on Market increased 9.6 percent to 114. Months Supply of Homes for Sale was down 29.8 percent to 3.3 months, indicating that demand increased relative to supply. This is extremely low inventory! Currently, there are not enough homes available for the buyers that want to buy! This is the lowest supply since sometime before 2004 in our local Portage county market. Sellers, this is the best seller market in this area in many years. If you are contemplating selling your home, now is the time to take the leap! But because of the potential for multiple offers and complicated bidding wars as well as all of the additional advise, support and assistance, you will want the help of a professional Realtor to steer your through those challenges.
The U.S. economy has improved for several quarters in a row, which has helped wage growth and retail consumption increase in year-over-year comparisons. Couple that with an unemployment rate that has been holding steady or dropping both nationally and locally, and that results in consumer confidence on the rise. As the economy improves, home sales tend to go up. It isn't much more complex than that right now. Rising mortgage rates could slow growth eventually, but rate increases should be thought of as little more than a byproduct of a stronger economy and stronger demand.
All data from the Centralized Real Estate Information Services Multiple Listing Service. Provided by the Portage County Association of Realtors.
From Carol Foote, President of Portage County Association of Realtors, "Helping Our Neighbors & Protecting the American Dream"