MAUMEE – As the market heads into late spring, low mortgage rates continue to fuel robust buyer demand. Supply remains near historic lows locally while national inventory remains much lower than it was at the same time last year. As a result, sales prices are surging.
While the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, record low levels of homes for sale are likely to continue for some time in most market segments.
The overall Median Sales Price was up 11.5% to $153,821. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 11.3% to $150,225. The price range that tended to sell the quickest was the $150,001 to $200,000 range at 65 days; the price range that tended to sell the slowest was the $100,001 to $150,000 range at 77 days.
Market-wide, inventory levels were down 24.7%. The property type that lost the least inventory was the Condos segment, where it decreased 21.%. That amounts to 2.0 months supply for Single-Family homes and 2.4 months supply for Condos.
Northwest Ohio Realtors® (NOR) has over 1,800 members dedicated to serving the needs of home sellers and buyers in Northwest Ohio and the surrounding area, including Lucas, Wood, Fulton, Henry, Defiance, Williams, Hancock, Wyandot, Paulding and Putnam counties.
New listings were up again in May, continuing to outpace expectations set by previous years. Compared to May 2020, new listings were up 7.2%.
This month, closed sales also continued to increase. May 2021 delivered 1,018 closed sales, reflecting an increase of 37.6% from May 2020.
Inventory significantly declined when compared to the previous year and has decreased 25% since April 2021. The May market sees three months of supply inventory which is down 40% from the same time in 2020. This inventory decline has been predicted by NAR; however, these numbers continue to uphold the strong sellers’ market which has gripped the industry.
Homes sold in May 2021 averaged 60 days on the market – a 28.6% decrease from the same time last year.
In Northwest Ohio, the median home price in May 2021 was $155,850 – down slightly from April 2021, but substantially higher than April 2020 ($139,363).
This continues to follow the national trend of rising year-to-date prices identified by the National Association of Realtors. Homes sold in May 2021 averaged 60 days on the market – a 28.6% decrease from the same time last year.