Realtors: Clark County housing market leveling off

Home sales remained strong in Clark County going into October, but the local housing market is starting to show signs of a slow down usually seen in the end of the year.

In Champaign County home sales mirrored last year’s numbers for the early fall.

In Clark County, 314 residential units were sold between early August and mid-October, according to data collected by Western Regional Information Systems & Technology (WRIST), an Ohio-based company that monitors real estate trends. The average sale price for those homes was $137,219.

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“There is still an inventory shortage. We saw a spike in sales in the summer. Now the market is starting to level off,” said Susan Foreman, the president of the Springfield Board of Realtors.

She said the market is still strong but it is going back to a normal pace as home sales jumped over the summer. Between early May and the end of July, 360 homes were sold. The average sale price for homes during that period was $143,719, according to WRIST.

“It was very much a sellers market over the summer. We still have somewhat of a sellers market now as inventory is still low. But, the buyers are driving the price,” Foreman said.

The average price of homes on the market in recent months is up compared to last year. Between the months of August and October of 2018, the average sales price for a home in Clark County was $131,361 and 330 homes were sold during that period. Between May and July of that year, the average price for a home on the market was $129,788 and 360 homes were sold.

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According to local housing data, three-bedroom homes made up the largest percentage of residential units sold during those time periods for both years. Between May and October of 2018, 426 of those units were sold. During the same period this year, that number was 399.

Foreman said they are in line with statewide trends that showed a bump in the prices of homes in September compared to the same month last year. Average sale prices across Ohio rose by 7.9 percent, according to a statement from Ohio Realtors.

The majority of Clark County homes that were listed for sale between May and October had been on the market for more than 30 days, according to WRIST. Foreman said there are currently 89 homes on the market and the average listing price is around $120,000.

With a limited amount of homes on the market, homeowners, who may be upgrading or downsizing, are waiting to put their houses on the market, she said.

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However, the median sales price for homes in Clark County in October is higher than the original asking price, according to market data. That is different than market trends between the months of May and September, when the median sales price was either the same or a few thousand dollars lower than the original asking price by the seller, according to WRIST.

In Champaign County the number of homes sold between May and October increased slightly to 215 compared to the 204 homes sold during same period last year. The average price of those homes were a little over $160,000 compared to an average sale price of just over $140,000 last year.

The medium sales price for homes on the market in Champaign County in October was lower than the original asking price, according to WRIST. That is consistent with housing trends seen this year, with June being the exception.

By the numbers:

314: Number of residential units sold in Clark County between early August and mid-October

$137,219: Average sales price for those homes

94: Number residential units sold in Champaign County between early August and mid-October

$164,458: Average sales price for those homes

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