The News Herald (Willoughby, OH)
Average home sale price up
Numbers are through first half of 2018
Through the first six months of 2018, Lake County homes are spending less time on the market and selling for a higher average price than they were during the same period last year.
Lake County homes — new and existing single-family residences and condominiums/co-ops — sold through the first six months this year have gone for an average price of $163,952 up nearly five percent from the $156,291 average over the same frame in 2017, according to the regional listing service YES MLS. Homes have stayed on the market for an average of 80 days, eight fewer than a year ago.
The number of homes sold
over that period has been roughly the same over the past two years— 1,600 this year compared to 1,587 last year.
Fewer homes have been put on the market this year (2,343) compared to last year (2,547). This year’s new listings figure is a little on the lower side. Over the past decade, there has been an average of 2,441 new listings during the first six months of the year.
Using YES MLS’ database, The News-Herald was able to find Lake County data dating back to 2009. The county’s average sale price through the first six months of 2018 is the highest it has been over that decade and average days on the market is the lowest it has been. In both cases the previous marks were set in 2017.
The lowest average price came in 2011 at $124,856. That year also saw the fewest listings sold (873). Homes were on the market for an average of 121 days that year, the second highest figure in the past figure. The following year, homes were on the market for an average of 123 days, the average sale price crept up somewhat to $126,576.
Since 2012 – when 1,046 listings were sold – the number of homes sold has increased over the previous year.
Lake County is part of an 18-county region that includes Cuyahoga, Geauga, Ashtabula and Lorain counties among others. Collectively, the region’s sixmonth average sale price was $162,858, a 5.5 percent increase (Lake County’s homes are selling for 4.9 percent higher). Statewide, the average sale price was $180,292, a 5.9 percent increase over last year. Number of homes sold is down 1.3 percent from where it was a year ago.
“The Ohio housing market is continuing to exhibit tremendous strength, as the number of homes put under contract in June reached an all-time high for the month and the rate of signings during the second quarter reached a best-ever level,” said Ohio Realtors President Tiffany Meyer. “The industry remains hopeful that we’ll see an uptick in the number of homes being marketed for sale so that the marketplace will be able to maintain the positive level of sales activity as we move forward.”
Nationally, June marked the third straight month that existing home sales decreased. The declines in the South and West exceeded sales gains in the Northeast and the Midwest, according to the National Association of Realtors. Number of homes sold is 2.2 percent below where they were a year ago.
The National Association of Realtors’ chief, Lawrence Yun, said “there continues to be a mismatch since the spring between the growing level of homebuyer demand in most of the country in relation to the actual pace of home sales, which are declining.”
“The root cause is without a doubt the severe housing shortage that is not releasing its grip on the nation’s housing market,” Yun said. “What is for sale in most areas is going under contract very fast and in many cases, has multiple offers. This dynamic is keeping home price growth elevated, pricing out would-be buyers and ultimately slowing sales.”