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Published: Friday, 7/11/2014 - Updated: 1 month ago

Toledo home sales remain tepid

Year-to-date figures down 5%; market segments enjoy hot spots

BY JON CHAVEZ
BLADE BUSINESS WRITER
Realtors say Toledo houses that are priced well and in good condition don’t remain on the market long. Single-family home sales in metro Toledo rose just 1 percent in June, compared to last year, according to new figures released Thursday by the Toledo Board of Realtors. Realtors say Toledo houses that are priced well and in good condition don’t remain on the market long. Single-family home sales in metro Toledo rose just 1 percent in June, compared to last year, according to new figures released Thursday by the Toledo Board of Realtors.
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Despite it being the heart of the summer home-buying season, single-family home sales in metro Toledo rose just 1 percent in June from a year ago, according to new figures released Thursday by the Toledo Board of Realtors.

There were 545 homes sales last month in Lucas and northern Wood County compared to 540 in June 2013, the board said.

“I think we are still slowly recovering. Year-to-date, we are down 5 percent over this time last year,” said Penny Kice, the board’s president-elect for 2015.

But Ms. Kice of Welles Bowen Realtors said that while the Toledo market as a whole may not be booming, various segments are flourishing.

“What we are seeing is we are going full out in some price levels. Everybody is busy and there are hot spots in the market,” she said. “For example, anything over the $200,000 listing price, if it’s well-priced and in good condition, it is not on the market very long and you often have multiple offers.”

The $150,000 to $200,000 range, however, is much slower, Ms. Kice said. “That tends to be more of a first-time home buyer market.”

Ms. Kice said she has been hearing of more problems with first-time home buyers have difficulty with mortgage qualification because of outstanding college loans. “I know of three situations where that’s been a problem,” she said.

The median sales price increased 4 percent in June to $111,000 from $106,500 a year ago. The median means half the homes sold were above $111,000 and half were below. The average sales price rose just 2 percent to $140,186 from $136,705 a year ago, the board said.

The average number of days homes were on the market was 105 in June, down from 109 in May and from 117 a year ago.

“I think that’s reflective of the hot spots in the market where homes are well-priced and in good condition,” Ms. Kice said. “I have clients who sold their home in a week and now have nowhere to go. They thought they would have plenty of time to look around [for a new home],” she said.

New listings on the market totaled 936, up 11 percent from a year ago. Inventory fell to a 7.5 month’s supply, down 1 percent from 7.6 months a year ago.

In the 10-county area covered by the board’s multiple listing service, home sales rose 5 percent to 756 homes, compared to 722 a year ago. The median sales price was up 2 percent at $110,000, while the average sales price was flat at $132,471.

New listings rose 15 percent to 1,353, while average days on the market fell to 109 from 118 a year ago. Inventory fell to a 7.9 month’s supply from 8.4.

Contact Jon Chavez at: jchavez@theblade.com or 419-724-6128.



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