MAUMEE — Though realtors usually expertise a slower winter season, the final quarter of 2020 proved that the insatiable actual property market is keen to defy earlier business traits.
December is often one of many slowest months of the 12 months however robust purchaser demand throughout most segments of the market — buoyed by near-record low rates of interest — continues to drive a wholesome gross sales tempo within the face of a brand new wave of COVID-19 infections and a softening jobs market.
With low mortgage charges and robust purchaser demand in most market segments, the housing market of early 2021 seems to be to proceed the traits noticed within the second half of 2020.
Low stock and a number of affords on in-demand properties are more likely to stay frequent, whereas the market waits for a lift in new building and a surge in house sellers to assist present extra steadiness.
Northwest Ohio Realtors (NOR) has greater than 1,800 members devoted to serving the wants of house sellers and patrons in northwest Ohio and the encircling space, together with Lucas, Wooden, Fulton, Henry, Defiance, Williams, Hancock, Wyandot, Paulding and Putnam counties.
Within the final quarter of 2020, new listings in northwest Ohio fell barely after a minor improve the earlier month. In comparison with fourth-quarter 2019, new listings have been down 1.6%.
Following the traits noticed within the months earlier than, closed gross sales continued to outpace earlier quarterly numbers, reflecting a rise of 14.3% (2,495 whole) from fourth quarter 2019.
This quarter, properties averaged 72 days in the marketplace — a 19.5% lower from the identical time final 12 months. Moreover, properties offered within the space are receiving a mean of 99.4% of the itemizing value, up from the fourth-quarter common of 98% in 2019.
In northwest Ohio, the median house value within the fourth-quarter was $153,133 — down barely from the third-quarter of 2020, however a considerable improve from the identical time in 2019 ($135,650).
Stock continues to say no, which has ensured the continuation of a robust sellers’ market. This stock decline has been predicted by the Nationwide Affiliation of REALTORS (NAR). Nonetheless, these numbers are very uncommon for thus late within the season.
Based on NAR, 2021 may very well be “the perfect 12 months ever to purchase.” The constantly fast-paced market and report low mortgage charge ought to be a profitable mixture for Individuals seeking to proceed their homeownership journey.
Complete housing reviews for northwest Ohio might be discovered by visiting the NOR web site — nworealtors.com. Name the NOR workplace at 419-535-3222 for extra details about these reviews.