Housing market improving in Clark, Champaign counties


Home sales in Clark County are ahead of last year’s pace at the midpoint this year even as the interest rate has slowly begun to inch up, according to local and state housing experts.

Information from the Clark County Board of Realtors shows the average sales price for homes in Clark County have crept up a little more than 3 percent compared to the same time last year. About 280 homes have been sold in Clark County this year as well, about an 11 percent increase compared to the first half of last year.

READ MORE: Health of Clark, Champaign County waterways key to safety, economy

“The interest rate is still nice and low, but it has been inching its way up,” said Lisa Smedley, president of the Springfield Area Board of Realtors. “The values are rising which is awesome for sellers, it is a great time to sell and to buy.”

Smedley is also a broker and full-time sales agent at Real Estate II in Springfield.

MORE BUSINESS NEWS: Former bank employee opens new Springfield food truck

Home buyers and sellers are seeing similar trends across Ohio, said Carl Horst, a spokesman for the Ohio Association of Realtors. The average sales price of homes from January to May this year is up about 6 percent compared to the first five months of last year, an unusually high figure for Ohio, he said.

“It’s just a strong market,” Horst said.

The average sales price is up a little more than 8 percent in Champaign County, although the number of homes sold for the first six months is slightly behind last year’s pace. There were 82 homes sold in Champaign County this year according to the WRIST listing service, which includes Clark and Champaign Counties. There were 87 homes sold at the same time last year.

DETAILS: Ohio to play key role in driverless cars, transportation research

“I can say that the atmosphere in both Clark and Champaign counties feels quite positive, both are buzzing with energy, Smedley said.

Homes in both counties are staying in the market slightly longer than last year, according to information from the listing service. The average number of days on the market was 110 in Clark County this year compared to 107 in 2016. Homes were on the market an average of 158 days in Champaign County, compared to 133 days at the same time last year.

MORE: Clark, Champaign Counties to study wages, benefits in region

One challenge both locally and statewide is the lack of available inventory is down compared to previous years. There were fewer properties listed in all of the first four months of this year compared to 2016. .

For example, 543 listings were on the market in April this year as compared to 662 in 2016 for a decline of 18 percent.

There were 253 listings available in April 2016, but that number had fallen to 134 the same month this year, a 47 percent decline.

“That’s pretty reflective of what we’re seeing statewide,” Horst said.

The lack of available properties is likely one factor contributing to rising home prices, but Host said there are likely several factors involved. One challenge, he suggested, is that many home owners are reluctant to sell because they’re concerned it will be difficult to find another home to buy.

It’s not clear how long inventory will remain low statewide, he said. But he said there are signs that new home construction is picking up, which should eventually provide more opportunities for buyers.

The lack of inventory is also impacting real estate agents locally, although the homes that are available are selling quickly, Smedley said.

“As a realtor you are feeling the pressure of the lack of properties for sale, as there are buyers waiting,” she said.



Reader Comments ...


Next Up in Community News

Pike County murders: Tight-knit community expresses relief over arrests
Pike County murders: Tight-knit community expresses relief over arrests

A husband, wife and their two sons are behind bars Tuesday night, indicted in a mass murder, along with two grandmothers accused of helping them cover up the crimes. At a news conference Tuesday afternoon, Ohio Attorney General and Gov.-elect Mike DeWine announced the arrests and indictments of parents Billy and Angela Wagner and their sons George...
3 toddlers wander away from day care, 2-year-olds caught near busy street
3 toddlers wander away from day care, 2-year-olds caught near busy street

A Massachusetts day care in West Bridgewater is under investigation after three toddlers wandered off the property and close to a busy road.  >> Read more trending news  Monday morning, just after 11:00, three 2-year-old toddlers opened a gate in an outdoor play area at Cowlicks and Pigtails Childcare Center and wandered off. The toddlers...
Florida mother arrested after baby found with multiple skull fractures
Florida mother arrested after baby found with multiple skull fractures

A mother in Duval County, Florida, is charged with aggravated child abuse after her baby girl was found to have multiple skull fractures. Jacqui Lyne Carter, 33, was arrested nearly three months after the child had surgery for severe head and brain injuries. Stephen Bayer is the child’s father and told WJAX-TV the same thing the child&rsquo...
Federal judge orders Trump administration response to CNN lawsuit on Jim Acosta ban
Federal judge orders Trump administration response to CNN lawsuit on Jim Acosta ban

Update 10:25 p.m. EDT Nov. 13: A federal judge has given the Trump administration until 11 a.m. Wednesday morning to respond to CNN’s lawsuit demanding a temporary restraining order in the battle over the White House’s revocation of reporter Jim Acosta’s press credentials, according to The Washington Post. A hearing is scheduled for...
Sheriff: Mason jars filled with enough explosives to ‘blow up the block’ found in Florida home
Sheriff: Mason jars filled with enough explosives to ‘blow up the block’ found in Florida home

An anonymous tip led officials to a Lake Helen, Florida, home, where they discovered Mason jars filled with a highly explosive powder, the Volusia County Sheriff’s Office said Tuesday evening. Lake Helen police officers and Volusia County deputies said they were called to the home at South High Street and West Pennsylvania Avenue, where they...
More Stories