Homes Are Selling in Defiance Ohio
I thought it would be interesting to see if more homes were selling in Defiance than what they were at this time last year. Below is the market statistics to show what the real estate market is doing and where I believe it may be heading.
Current homes for sale in Defiance 175
201 from January 1, 2012 - October 11, 2012
Average price $93,658
Average Days on Market 137
166 from January 1, 2011- October 11, 2011
Average price $93,919
Average Days on Market 123
As you can see, the number of homes sold this year in Defiance compared to last year at this time has increased by 35 homes or an increase of 21%. Not much has changed in the average sale price or days on market in that time but it does suggest that there is an upward trend in purchases. That trend combined with the still relatively low amount of inventory on the market has the potential to shore up prices and possibly start increasing them in the near future. A trend that we've begin to see a few glimmers of the past couple of months. There just under a 9 months supply of homes for sale
The reasons for this change are many but many believe that the historically low interest rates and the low supply are driving the change. From my view it appears that the number of foreclosures appearing on the market are also getting fewer. I haven't verified that to be true but it seems they are coming less frequently than they were. If that is true that would also explain some of the shortage of homes on the market as well.
This information is a mix of both good and bad news. As a home seller the good news is that homes are selling . The bad news is that the prices haven't necessarily started going up enough yet to make a statistical difference. As a home buyer the good news is that the interest rates are still at historic lows but the bad news is that the number of homes available are declining all while the prices of homes are starting to inch up a little.
Hopefully we are beginning an upward trend in the housing market that can be sustained over the long haul. If you have any questions about the Defiance, Ohio real estate market or any other market in Northwest Ohio just send me a note and I'll get that information to you.
~Scott
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