Defiance Ohio March 2008 Market Statistics

March Housing Statistics

If you've thought of buying or selling a home in the Defiance area, you have probably wondered what the housing market was doing here in comparison to the national market statistics.  So, each month I will be bringing you the Defiance area's housing statistics to keep you abreast of what is going on, where the market has been and where it's heading.  Hopefully, by doing so, you will be better informed when you step into the home buying or selling process and have a better idea of what to expect.

As for March, it was a steady month for the Defiance housing market as its residents were starting to stretch their legs out a little. Warmer weather, promise of summer coming and steady house prices are beginning to attract buyers.  With the snow finally gone, buyers are now able to get a better view of what each property has to offer without having to guess what was under the it.  This is good news for seller's as it means showings should increase on their properties and hopefully, so will the offers.

As of March 31^st, there were 210 single-family properties for sale in Defiance of which 39 of those were new listings.  There were 11 properties that were contingent upon some factor such as inspections, financing or sale of their home.  8 homes were pending and heading toward closing while 17 properties sold at an average sales price of $106,533 and were on the market an average of 101 days.  The average days on the market showed the greatest improvement as it dropped from February's average of 117 days on the market.    This average should continue to decrease as we go through April and head into the summer months.

We are starting to get a little better picture of what the year holds for the Defiance area market as this first quarter has come to an end.  The year-to-date statistics show that there have been 53 sales so far this year at an average sale price of $103,568 while being on the market for an average of 114 days.  Compared to the first quarter last year, it's a mixed message.  There were 66 sales in the first quarter last year, 13 more than this year's, however, the average days on the market was higher at 131 while the average sale price was virtually unchanged at $103,878.  What this information points to is the current inventory of houses should start moving a little quicker.  This, together with the consistently low mortgage rates, should begin to thin the current inventory levels while pressuring the prices of home to rise. This is particularly good for home sellers as it has the potential to produce better prices for their homes.  As for buyers, this means that if you have been considering a home, now might be the best time to find one.

The Defiance area real estate market continues to hold lots of promise as it shows strength and resilience while other national area markets are not.  If you are considering buying or selling a home in the Defiance market continue to do your homework, watch for next week's article, ask lots of questions and your potential for success will be great.

Scott M. Williams is a licensed Realtor® at Butler Mohr GMAC Real Estate in Defiance, Ohio. He can be contacted at: Scott@butlermohr.com or 419-438-1165

http://www.defianceareahomes.com/

(Statistics derived from MLS areas Defiance, Defiance Township, Ayersville Area and NE Defiance County)