Susan Foreman, the president of the Springfield Board of Realtors, said the number of homes sold in the area also increased during the first half of the year. She said 459 residential units were sold between April and July, compared to the 323 units sold between January and March.
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Foreman said those numbers show a continuation of a “seller’s market” in Clark and Champaign counties reported last year, which saw the average sale price for homes in Clark County increase to $126,252 from an average of $116,252 reported in 2017. In Champaign County, that number went up to $141,627 in 2018 compared to $128,222 reported the previous year, according to WRIST.
Data showed that 364 homes were sold last year in Clark County, an increase of 23 from the previous year, and 380 homes were sold in Champaign, up 15 from 2017.
Foreman said a large number of homes sold in the first half of 2019 occurred in Clark County and added that overall home sales in the area have been on an uptick as there are more buyers than homes for sale.
“If the price is right and it’s in good shape, depending on the area, it will be under contract in less than 24 hours,” she said. “And there will be multiple contracts on that home.”
The lack of available residential units in the area can prevent people from putting their homes on the market if they intend to downsize or stay in the area. Foreman said one concern potential sellers might have is not being able to find another place to move into.
However, Foreman said one factor contributing to an influx in home sales include new jobs coming into Clark and Champaign counties from companies such as Topre and Silfex.
Last May, Topre America Corp., an auto-parts maker announced plans for another $73 million expansion and also pledged to create more than 200 new jobs at its plant in Champion City Business Park in Springfield, the News-Sun reported.
Last month, Silfex, a manufacturer based out of Eaton, announced that its plant on Titus Road in Springfield was operational and had brought on 150 employees and was looking to hire more, the News-Sun reported.
Foreman said she also sees clients coming from larger cities such as Columbus due to lower property taxes or because of less city congestion.
“In the east side of Clark County, you can be in Columbus in 30 minutes. We are nestled between Dayton and Columbus. It’s easy for residents to get to those two cities,” she said.
Bryan Heck, the city manager for Springfield, said one factor contributing to a housing shortage in Springfield, is an aging housing stock.
He said, like most legacy cities in Ohio, a large portion of Springfield homes were built before the 1950s. His office reported that construction of new homes in the city has remained stagnant and a significant housing development has not been built since the 1990s.
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City officials hope to release the results of a comprehensive housing study on Aug 13. The study is geared towards pre-existing housing in the city and what improvements can be made.
However, 231 homes are slated to be built by Ryan Homes just south of the Tuttle Road Walmart in a four phase project. .
Heck said that the first phase of the project will yield 71 homes and some model units will be built in the fall. He said Ryan Homes hopes to complete a phase every year and expects all 231 homes to be built in the next three to four years.
An estimated 34 multi-story town houses are scheduled to be built in downtown Springfield, with construction scheduled to began in August, Heck added.
Average price of homes for Champaign and Clark Counties in 2019
Jan. 1 to April 1: $129,000
April 1 to July 1: $145,000
Amount of homes sold in Champaign and Clark Counties in 2019
Jan.1 to April 1: 323
April 1 to July 1: 459
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