Impressive local home sales numbers posted in March
The local housing market is posting some impressive numbers. According to the Toledo Regional Association of Realtors, March home sales in Lucas and Upper Wood counties were up 12% from this time a year ago.Volume, median sales price and the average sales price were also up double digits.
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So what’s fueling the increase? Two local realtors we spoke with say a couple of factors come into play including low interest rates. They both saw big increases in their businesses compared to the same time last year. They say spring is always a good time for home sales but they add low interest rates are helping make this one of the best sales seasons in years.
John Mangas has been in the real estate business for decades and business is very good right now, “We are up double digits year over year and month over month.”
Mangas believes this may be setting up to be the best spring in the last ten years, “We haven’t seen multiple offers and prices over list in many years.” Home sales and prices are up and he’s seeing more first time buyers get into the market, “Interest rates remain historically low and those first time buyers are getting great rates and home values and that is allowing more people to move up so it is truly a ripple effect up in the marketplace.”
Michelle Nieman says a lot of houses are spending less time on the market, “From the first quarter of 2014 to the first quarter of 2015 sales are up 10%.”
Instead of being listed for an average of 6-9 months,she says many are now moving in 30-60 days. Some even go right as they come on the market, “i would say that a lot of the offers that come in are dual offers and prices are holding steady because of that and there are a lot of cash buyers too which is surprising.”
Nieman say there fewer foreclosures and short sales are also helping the market, “That makes the price jump and decreases the days on the market when you do not have those homes in the mix.”