July was a good month for the local real estate market, according to data released by the Toledo Board of Realtors.
The number of single-family homes sold in Lucas County and northern Wood County was 535 last month, up 12 percent from July, 2013.
The median sales price rose 6 percent to $110,000. The median price is where half of the homes sold for more than that number and half sold for less.
The average sales price of $135,498 was up 3 percent from a year earlier.
“We’ve seen nice improvement across the market, not just north, west, east, or south,” said John Mangas, president of the Toledo Board of Realtors.
The local market is still trying to recover from a weak first quarter, when sales were 13 percent lower than last year. For the first seven months of the year, the number of homes sold is down 3 percent from last year. The average price is up 2 percent.
Perhaps the best news in that data is that there were 940 new listings in July, up 18 percent from last year. Real estate agents have said that persuading more homeowners to put their houses on the market would help build some momentum.
“We’re starting to see the market equalize in terms of listings,” said Mr. Mangas, who is a broker at RE/MAX Preferred Associates. “We have been concerned about inventory levels.”
On average, owners received 96 percent of their original asking price last month, matching last year’s figure. The average house stayed on the market for 106 days before selling. That’s down 8 percent from July, 2013.
Mr. Mangas said he likes that the improvement in the real estate market has been at a steady pace.
“It’s not a rapid swing — rapid swings get us in trouble,” he said.
He referenced California, where in some markets owners are getting multiple offers as soon as they put a house on the market. Some of the offers are for 15-20 percent more than the asking price.
“That’s not sustainable,” Mr. Mangas said. “I find it somewhat comforting to be in a market like Toledo where there is steady, sustainable progress.”
For the entire 10-county area covered by the northwest Ohio multiple listing service, sales were up 11 percent in July, to 755 homes. The average price of $131,271 was up 5 percent from a year earlier.
The multiple listing service includes Defiance, Fulton, Henry, Lucas, Ottawa, Paulding, Putnam, Sandusky, Williams, and Wood counties.
Contact Chip Towns at: email@example.com or 419-724-6194.