Here are the numbers for Sylvania, OH for the first quarter of 2009, as well as stats from the first quarter of 2008 for comparison. What you will be able to see and compare are the number of homes that were listed and sold, the average and median prices, and average time on market. You will also see a spot that says "Inventory Accum.". This is essentially an estimate of how long it will take to sell all of the currently listed homes in terms of months. You can see how this is calculated right above the third blue bar. By the way, these charts are only for single family residential homes, not condos, commercial, or multiple family properties.
Here are what the numbers say...
Average List Price:$262,029 vs $235,183 (+11.4%)
Average Sold Price:$168,792 vs $225,361 (-25.1%)
Median List Price:$214,900 vs $199,925 (+7.5%)
Median Sold Price: $159,450 vs $201,500 (-20.9%)
Units Listed:160 vs 191 (-31)
Units Sold:80 vs 77 (+3)
Average Days On Market (DOM):108 vs 112 (-4)
Inventory Accumulation: 3.0 mo. vs 4.44 mo. (-1.44)
These results are a little bit difficult to interpret. The average & median list price has gone up, which usually means the market is improving, but the average & median sales prices are down significantly, which typically means the market is declining. There have been slighly more homes sold and also fewer listed, which is indicating a stabilization in inventory. This is supported by the average DOM and inventory accumulation as well. I would say that overall, buyers have been able to negotiate better deals this year versus last year, but that possibly prices are beginning to stabilize in this area. Time will tell, and this is still a great time to get a deal on a home.
If you have questions about these charts or about another area in Northwest Ohio, please feel free to contact me anytime.
If you are a buyer looking for homes, please go to www.RealEstateToledoOhio.com (or www.toledorealestatesearch.mobi from your web-enabled phone) to search all Northwest Ohio properties for sale, including Toledo, Sylvania, Perrysburg, Holland, Maumee, Oregon, Whitehouse, Waterville, Bowling Green, and more!