Q1-2018 Lender-Mediated Properties Report

Real Estate Agent with PDS Real Estate brk.2006004965

Shortage of inventory affecting distressed properties sales 
During the first quarter of 2018, the share of distressed inventory, sales and new listings was roughly one in twenty for central Ohio according to the Q1-2018 Lender-Mediated Properties report from Columbus REALTORS®.

A “lender-mediated” property is one that is listed as a bank-owned/REO, HUD, short sale, VA, or foreclosure.

The number of lender-mediated properties added to the market (new listings) during the first quarter was down 30.1 percent from a year ago.

As a result, the 158 lender-mediated properties for sale at the end of Q1-2018 was less than half of what it was a year ago, in addition to being down 21.4 percent from the previous quarter. Of those properties for sale, 150 were single-family homes and only eight were condos.

“The good news is that the number of distressed properties in central Ohio is a fraction of what it was several years ago,” said 2018 Columbus REALTORS® President Sara Walsh. “Conversely, with the lack of inventory, that is one less option available for buyers anxious to find a home.” 

With fewer distressed properties for sale, lender-mediated sales dropped to 363 during the first quarter, down 41.0 percent from the 615 distressed homes sold during the same period in 2017.

The median sales price of all residential properties sold during the first quarter of 2018 rose 8.5 percent compared to one year ago. The median sales price of a traditional home rose 5.7 percent to $185,000, yet the median sales price of a lender mediated home only increased by 4.0 percent to $75,000.

Comments (0)