Toledo Regional Association of REALTORS 2015 Housing Report

Transcription

1 Toledo Regional Association of REALTORS Housing Report

2 Notes for Reading the Report The data we use is publicly available and statistically valid. Our interpretation of the data in some cases may lead to judgments that we believe are sound, but you may disagree with. If so we invite your comments ( that way we can continue to improve this annual report. Unless otherwise noted, data presented in the text and figures are for Lucas and Upper Wood County, which includes the cities of Rossford, Perrysburg and Perrysburg Township. All data is the most recent available at the time we compiled the report. Median is a term used often in this report and is an important term to understand. A median is the amount at which exactly half of the values or numbers being reported are lower and half are higher. A median can be more or less than an average, which is the amount derived by adding the total of all values being reported and dividing by the number of individual values. So a median home price, for example, is the price of the one home, among all prices being considered, that has half of the other homes that are less in price and half that are more in price. In many instances, including reports of home prices, a median can be a more accurate representation than an average, because the sale prices of a few extraordinary houses will significantly raise the average, but have little effect on the median. Research for this report was conducted principally by the Toledo Regional Association of Realtors (T.R.A.R.). MLS refers to the Multiple Listing Service. It is a member-based service administered, operated, and paid for by the Realtor members of a local real estate board that indicates the cooperation among Realtors to share information about homes and real estate for sale or rent. The following is a research tool provided by the Toledo Regional Association of Realtors and is based on residential real estate data only. This representation is based in whole or in part on data supplied by the Toledo Regional Association of Realtors and the Northwest Ohio Real Estate Information Systems (NORIS) Multiple Listing Service. T.R.A.R. and NORIS do not guarantee and are not responsible in any way for its accuracy. Data maintained by T.R.A.R. and NORIS may not reflect all real estate activity in the market. 2

3 Table of Contents Table of Contents Message from T.R.A.R. s President... 4 The Year At A Glance... 6 Local Housing Sales & Prices... 7 Condominiums... 8 Local Neighborhoods Local School Districts National Housing Sales & Prices Miscellaneous Housing Statistics Realtor Party Summary

4 Message from Penny Kice TRAR President Despite his forecasted increase in sales, Yun cites rising mortgage rates, home prices outpacing wages and shaky global economic conditions will likely hold back a stronger pace of sales. This year the housing market may only squeak out 1 to 3 percent growth in sales because of slower economic expansion and rising mortgage rates, Yun says. Furthermore, the continued rise in home prices will occur due to the fact that we will again encounter housing shortages in many markets because of the cumulative effect of homebuilders under producing for multiple years. Once the spring buying season begins, we ll begin to feel that again. Of course, all real estate is local and the Northwest Ohio market is expected to remain strong in Following the housing market s best year in nearly a decade, existinghome sales are forecasted to expand in 2016 at a more moderate pace as pent-up buyer demand combats affordability pressures and meager economic growth, according to the National Association of Realtors Chief Economist Lawrence Yun. 4

5 Year 2013 At-A-Glance The Year At A Glance sales of single-family homes in Lucas and Upper Wood County totaled 5,620. This was an increase of six percent compared to Sales volume generated by activity totaled $738 million, which was up 17 percent from New listings for the year totaled 8,721 which was down 2% from the 8,875 submitted during The average days on market fell one percent to 107 days. Table 1: Although supply is down, all other indicators are trending in a positive direction. Lucas and Upper Wood County /- Closed Sales 5,312 5,620 6% Median Sales Price 98,000 $110,000 12% Average Sales Price $122,339 $133,894 9% Average Price Per Square Foot $64 $69 8% % of Original List Price Received 95% 95% 0% Average Days On Market % New Listings 8,875 8,721-2% Volume (in 1000 s) $633,468 $738,022 17% Table 2: Consumer demand appears to be growing in all but the lowest price range. Lucas & Upper Wood County Status $0 $49,999 $50,000 $99,999 $100,000 $199,999 $200,000 $299,999 $300,000 $399,999 $400,000 $499,999 $500,000+ Sold 1,331 1,266 1, % Change from % 8% 12% 31% 32% 7% 43% 5

6 Lucas County 6 Status $0 $49,999 $50,000 $99,999 Year 2013 At-A-Glance The Year At A Glance Table 3: Although supply is down, all other indicators are trending in a positive direction. Lucas County /- Closed Sales 4,566 4,788 5% Median Sales Price $85,000 $97,500 15% Average Sales Price $111,794 $122,536 10% Average Price Per Square Foot 60% 64% 7% % of Original List Price Received 95% 95% Average Days On Market % Volume (in 1000 s) $494,911 $568,811 15% Table 4: Consumer demand appears to be growing in all but the lowest price range. $100,000 $199,999 $200,000 $299,999 $300,000 $399,999 $400,000 $499,999 $500,000 + Sold ,141 1, % Change from % 4% 11% 33% 20% 6% 33% Wood County Status $0 $49,999 Table 5: All indicators are trending in a positive direction. Wood County /- Closed Sales 1,116 1,271 14% Median Sales Price $153,000 $161,500 6% Average Sales Price $170,705 $180,382 6% Average Price Per Square Foot 85% 89% 5% % of Original List Price Received 96% 97% 1% $50,000 $99,999 Average Days On Market % Volume (in 1000 s) $188,287 $226,740 20% Table 6: Consumer demand appears to be growing in all but the lowest price ranges. $100,000 $199,999 $200,000 $299,999 $300,000 $399,999 $400,000 $499,999 $500,000 + Sold % Change from % -2% 14% 20% 40% 26% 100%

7 Local Housing Sales and Prices Table 7: showed increases for the third straight year in both sales and median sales prices. Median Sales Price of SFH in Lucas and Upper Wood County, Year Annual Number of Sales Median Price % Change in Median Price ,223 $116,500 1% ,445 $120,000 3% ,887 $116,000-3% ,188 $110,000-5% ,668 $92,000-16% ,788 $80,069-13% ,372 $80, ,570 $75,000-6% ,846 $77,500 3% ,082 $93,000 20% ,312 $98,000 5% The number of homes sold in Lucas and Upper Wood County increased by 6% in. A total of 5,620 homes were sold, up from 5,312 in (Table 7). The median price of homes sold increased by 12% to $110,000. Home sales were strongest in the $100,000 $199,999 price range. The greatest increase in number of homes sold, however, came in the $500,000+ price range (Table 2). 5,620 $110,000 12% Both of these measures reflect national trends. The National Association of Realtors reports that nationally, the median home price increased 6% and rose to $221,200. The number of sales of single family homes was at 5,260,000 an increase of 6.5% over Figure 1: Changes in Lucas and Upper Wood County s median home price were twice the national average. Percent change in median Sales Price, % 30% 20% 10% 0% -10% -20% Figure 2: marked the 5th straight year of increased sales. Number of Homes Sold in Lucas and Upper Wood County 8,000 6,000 4,000 2,000 6,445 4,372 5,620-30% Lucas & Upper Wood County % Change National % Change

8 Local Housing Sales and Prices Figure 3: Sales were consistently higher than Lucas and Upper Wood County Number of Sales, ,000 1,500 1, Quarter 1 Quarter 2 Quarter 3 Quarter Figure 4: marked four years in a row of median price increases which represents an encouraging trend. Median Sales Price of Homes Sold in Lucas and Upper Wood County, 2005 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $- $120,000 $110,000 $75, Figure 5: saw a general upswing in all but the lower price range. Price Range Breakout, Lucas County, ,000 2,500 2,000 1,500 1, $0-$49,999 $50,000 - $99,999 $100,000 - $199,999 $200,000 - $299,999 $300,000 - $399,999 $400,000 - $499,999 $500,000+ 8

9 Condominiums Sales of condominiums and townhouses in increased 13% compared with Sales of condos increased in all prices ranges except for the $0 $49,999 range (Figure 6). Figure 6: Sales of condominiums increased in all but the lower price range. Condominium Sales in Lucas County, $0-$49,999 $50,000 - $99,999 $100,000 - $199,999 $200,000 - $299,999 $300,000 - $399,999 $400,000 - $499,999 $500,000+ Figure 7: After 3 years of constant prices, the median sales price of condominiums increased in. Condominium Median Sales Prices in Lucas County, $200,000 $150,000 $167,401 $114,450 $133,000 $100,000 $50,000 $

10 Local Neighborhoods The majority of areas in Lucas and Wood County experienced an increase in number of homes sold in (Table 8). The exceptions were the Tremainsville, Old West End, Old North End, and Scott Park areas. Table 8: Only four areas experienced decreased sales in Area & Zip Codes New Listings % Change Sold % Change Days on Mkt. % Change Sylvania (2 &3) [43560, 43617] 893 5% 590 9% 102-5% Airport/Swanton (4) [43558] % % 97-21% Spring Meadows (5) [43528] % 219 0% 114-1% Monclova (6) [43542] % 74 35% % Maumee (7) [43537] 551 4% 359 3% % Whitehouse (8) [43571] 150-2% % 106 5% Waterville (10) [43566] % 98 4% 104 1% Franklin Park/Trilby (11) [43623] 390 1% % 99 2% Tremainsville (12 ) [43613] % 480-4% 113 3% Five Points/North Towne (13) [43612] 568 1% 333 1% 109-3% Point Place (14) [43611] % 216 3% 115 0% Wildwood/Reynolds Corners (15) [43615] 511-4% % 110 2% Ottawa Hills (16) [43615 & 43606] % 70 9% % Ottawa Park/Westgate (17) [43606] 374 1% % % Old West End (18) [43610, 43620] 87-24% 56-21% 86 13% Old North End (19) [43608] % 92-20% 90 7% Town Centre (20) [43624, 43602, 43604] 22 83% 8 33% % Scott Park (21) [43607] % % % Old South End (22) [43609] 311-8% 170 8% % Heatherdowns/River Road (23) [43614] 570-6% % % East River (24) [43605] 307-6% % 95 3% Oregon (25 ) [43616] % % 110 6% Perrysburg & Perrysburg Twp. (53) [43351 & 43552] 747 6% % 105 1% Northwood, Rossford & Lake Twp (54) [43460] 332-5% 241 8% 109-8% Bowling Green (55) [43402] % % % 10

11 Local Neighborhoods All but five areas in Lucas and Upper Wood County experienced an increase in median home price in (Table 9). The exceptions were the Monclova, Point Place, Old North End, Town Centre and Bowling Green areas. Table 9: Only five neighborhoods experienced decreased sales in. Area & Zip Codes Average Sales $ % Change Median Sales $ % Change Sylvania (2 &3) [43560, 43617] $199,622 1% $184,000 3% Airport/Swanton (4) [43558] $147,492 3% $129,500 1% Spring Meadows (5) [43528] $192,431 11% $189,000 17% Monclova (6) [43542] $310,795 2% $293,500-2% Maumee (7) [43537] $201,578 10% $165,000 7% Whitehouse (8) [43571] $229,934 7% $233,400 12% Waterville (10) [43566] $206,515 6% $210,000 12% Franklin Park/Trilby (11) [43623] $127,889 10% $110,000 8% Tremainsville (12 ) [43613] $71,001 13% $71,000 16% Five Points/North Towne (13) [43612] $44,217 11% $38,000 23% Point Place (14) [43611] $71,794 1% $65,000-4% Wildwood/Reynolds Corners (15) [43615] $84,984 2% $74,154 9% Ottawa Hills (16) [43615 & 43606] $346,850 10% $302,500 15% Ottawa Park/Westgate (17) [43606] $100,268 3% $100,000 5% Old West End (18) [43610,43620] $52, % $26, % Old North End (19) [43608] $13,055 3% $9,950-2% Town Centre (20) [43624, 43602, 43604] $17,150-10% $8,000-16% Scott Park (21) [43607] $30,505 16% $20,051 5% Old South End (22) [43609] $21,703 10% $19,900 24% Heatherdowns/River Road (23) [43614] $106,913 8% $104,700 11% East River (24) [43605] $17,455 8% $13,000 19% Oregon (25 ) [43616] $128,654 3% $119,000 2% Perrysburg & Perrysburg Twp. (53) [43351 & 43552] $234,290 4% $215,000 5% Northwood, Rossford & Lake Twp (54) [43460] $125,249 12% $115,500 6% Bowling Green (55) [43402] $164,314-1% $152,000-3% 11

12 School Districts Sales of single family homes in the majority of Lucas and Wood County school districts increased in. (Table 10). The exceptions were Maumee, Rossford and Springfield. Table 10: Only three school districts experienced decreased sales in. School District Sold % Change Days on Mkt. % Change Average Sales $ % Change Median Sales $ Anthony Wayne % 104-7%- $271,123 7% $251,000 4% Bowling Green % 109 9% $ % $149,525-4% Maumee 203-8% % $128,258 7% $118,000 2% Oregon % 113 8% $124,232 0% $115,000-1% % Change Ottawa Hills 68 6% % $346,850 10% $302,500 15% Perrysburg % 105 1% $236,398 4% $221,150 5% Rossford 121-6% 116 5% $159,371 12% $133,000 5% Springfield 291-1% 115 0% $190,745 9% $183,000 12% Sylvania % 102-3% $195,238 0% $179,900 3% Toledo % 110 4% $59,897 13% $48,260 24% Washington Local 548 4% 103-4% $86,975 11% $86,050 15% Figure 8: Sales of single family homes increased in all but three school districts. Sales of Single Family Homes by School District

13 National Housing Sales and Prices Figure 9: saw a 6.5% increase in existing home sales Nationally. Number of Homes Sold Nationally, ,000,000 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000-7,076,000 4,110,000 5,260,000 Source: National Association of Realtors Figure 10: Nationally, median sales prices have increased four years in a row. National Median Sales Price, 2005 $250,000 $221,900 $221,200 $200,000 $150,000 $166,100 $100,000 $50,000 $- Figure 11: Interest rates edged back down in. Source: National Association of Realtors Monthly Average Commitment Rate on a 30-Year Fixed Rate Mortgage 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 8.05% 3.66% 3.85% Source: Freddie Mac 13

14 2011 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q4 Q1 Q2 Q3 Q4 Miscellaneous Figure 12: The largest percentage of homes were purchased with a conventional loan. Terms of Sale: Lucas and Upper Wood County FHA 21% VA 5% Cash 31% Conventional 43% Figure 13: continued to be a Buyer s Market with absorption rates between seven and eight months. Total Market Absorption Rate, Lucas & Upper Wood County Figure 14: Lucas County foreclosures have decreased six years in a row. Lucas County Foreclosures Source: Lucas County Clerk of Courts 14

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