Real estate market sales are frozen

Ohio’s housing market saw a dip for the first time in 30 months, with the Firelands area seeing a decrease as well.
Melissa Topey
Feb 26, 2014
Blame it on Old Man Winter, local real estate agents said.

“Weather had a tremendous impact,” said Dave Freitag, CEO Firelands Association of Realtors. “It is hard to sell homes if you and clients can’t get into the driveway”

It’s up to homeowners to make sure their driveways are clear, but with many sellers no longer living in the area, that often doesn’t happen.

It’s also hard to get people into the shopping mood when January’s temperatures were below zero, Freitag said.    

A total of 143 homes were sold in January in the Firelands region, compared to 193 homes sold in December. That made for a 26 percent drop.

Last month’s home sales were about 17 percent below January 2013 numbers, when 172 homes were sold.

The market should rebound once temperatures improve, Freitag and area realtors said.

“The weekends have not been ideal for showing homes with the various winter storms.” said Jamie King, a local realtor. “There are still many buyers out there”

And, for the first time in two and a half years, Ohio’s housing market also fell.

About 120,000 homes were sold in Ohio last month, a 5.1 percent drop compared to December’s 126,400 home sales.

“Certainly, the extreme weather conditions throughout the state during the month contributed to the downturn,” said Chris Hall, president of the Ohio Association of REALTORS.

Comments

coasterfan

A dip in the housing market for the first time in 30 months? That means for the previous 30 months, the housing market showed gains. Looking at the big picture, of course, makes sense, and as the article mentions, they expect the upward climb to resume.

But wait...I keep hearing conservatives talking about how things are worse under Obama. Hmm...the stats on my line graph are moving upwards in 30 of 31 months, so it appears that conservatives are wrong. Perhaps they use a different line graph than the rest of the world? Maybe on their graph, when the line moves upwards, it means things are getting worse.

O Really

Nobody said anything about Obama or the market being bad because of the government or anything other than the WEATHER....
Typically home sales in Ohio or any state that gets snow storms goes down in the winter BUT BUT BUT This winter has been the worst in over 2 yrs or history as the record now shows as of yesterday!!!!
One would think this could very well impact the market & cause a downward graph...I wouldn't Thank Obama for the 30 month rise before this winter...its not hard to go up from the hole we were in. Plus this is his 2nd term prior to the last 30 months where were we & he was in office then!

Contango

Re: "the housing market showed gains,"

The avg. home selling price is more important.

Remember: All real estate is local.

On a national level, if you want to bring the Pres. in:

Pending-home sale data has been declining for seven consecutive months.

The latest figures are due out on Fri. and the expectation is down.

http://ycharts.com/indicators/pe...

Take a look at Zillow.

You may not like the number, but buyers will use it to potentially beat you down in price if you're overpriced.

Darwin's choice

Let us know how this works out for you when you have to give your shed away.....

deertracker

Agree!

Darwin's choice

Thank god coasterfail showed up here for you to agree with something!!!

You and dog are getting your ass's kicked on the other column!

Dr. Information

Look at the houses being sold. 90% repo's selling for pennies on the dollar.

Northstar

Yes and some are very nice homes. It is a shame. Wish I had some cash to buy up some foreclosures. You can find nice 3 bedrooms within the city and new schools and the park and YMCA for about $20k. But very sad, families were evicted and could have stayed in those homes if the banks worked with them and lowered the loan instead of foreclosed on them.

Bluto

I wonder how much the huge hike in flood insurance is affecting these numbers ? A lot of mortgages lenders require it on some homes and the amounts can be ridiculous , since the new policies went into effect a few months ago .

Steve P

Most $20K home are not nice, but fixer uppers or complete gut jobs, which is why they are only $20K. When people know they are losing their house many, not all trash them or fail to maintain them. Why should the banks lower the amount, they answer to shareholders who many times are middle class working people. For every bad debt and lose that's less money to loan to qualified buyers. Many people purchased home knowing full well they were buying to much home but were into the instant gratification that our society seems so comfortable with. I have purchased 4 homes and each time waited to build equity before purchasing the next step up, reducing my debt as I bought a larger, and nicer home. It took 25 years to finally buy the house we really wanted, but without a large debt.

anthras

I really do not know but was wondering if anyone would answer this.

If a house goes into foreclosure and is sold at a sheriffs sale it is listed in the paper in the real estate transfer section in the Sundays paper. Would that be counted as a home sale?

Darwin's choice

Yes.

Steve P

Statistics quoted in this article were from the Firelands Association of Realtors and included only sales that a member realtor was involved. Usually sheriffs sales are not realtor involved.