IRVINE, CA--(Marketwired - Dec 20, 2013) - RealtyTrac® (www.realtytrac.com), the nation's leading source for comprehensive housing data, today released a November 2013 Residential Sales Report for the state of Ohio, which shows distressed sales -- including homes in foreclosure or bank-owned -- and short sales combined accounted for 23.2 percent of all residential property sales in the state in November, up from 22.8 percent in the previous month and 20.1 percent in November 2012.
The report also shows Ohio residential properties -- including single family homes, condominiums and townhomes -- sold at an annualized pace of 183,788 in November, up 1 percent from the previous month and up 15 percent from a year ago.
The median sales price of residential property in Ohio was $99,000 in November, down 1 percent from the previous month but still up 4 percent from a year ago -- the 21st consecutive month where median prices have increased on an annual basis in the state.
"Available housing inventory is low across much of Ohio, marking a time when many should consider selling properties instead of waiting for the spring market," said Michael Mahon, executive vice president/broker for HER Realtors, covering the Cincinnati, Columbus and Dayton, OH markets. "With the onset of the Dodd-Frank legislation going into effect January 2014, as well as uncertainty about interest rates for 2014, it is an equally opportunistic time for buyers to consider making a home purchase to take advantage of the highest housing affordability in Ohio's recent history."
"The increase in distressed sales indicates that foreclosing lenders are taking advantage of the improving market conditions in Ohio to unload more of their distressed inventory," said Daren Blomquist, vice president at RealtyTrac. "Meanwhile, the increase in the cash sales and institutional investor share of the market indicate many investors consider Ohio a good market to buy in."
Columbus ranks as top metro for percentage of Institutional Investor sales
The Columbus metropolitan area recorded the largest percentage of institutional investor sales of any metropolitan statistical areas nationwide with a population of 500,000 or more. The institutional investor share of purchases in Columbus accounted for 37 percent of all sales in November.
Statewide, 13.8 percent of all residential property purchases were made by institutional investors purchasing at least 10 properties in the last 12 months. That was up from 5.1 percent of all purchases in October and 4.3 percent of all purchases in November 2012.
Ohio foreclosure auction sales share jump from previous month, year ago
Properties sold at public foreclosure auction to third parties represented 1.3 percent of all Ohio residential property sales in November, up from 0.8 percent of all sales in both October 2013 and November 2012.
Sales of bank-owned properties accounted for 16.5 percent of all Ohio residential sales in November, down from 16.9 percent in the previous month but up from 14.1 percent of all sales in November 2012.
Short sales accounted for 5.3 percent of all Ohio home sales, up from 5.2 percent in the previous month and also 5.2 percent in November 2013.
Cash sales account for nearly half of Ohio home sales
With 49 percent of home sales recorded as cash sales in November, Ohio ranked sixth compared to all states in terms of share of all-cash sales. The percentage of cash sales in Ohio was 42.7 percent in October and 20.4 percent in November 2012.
The RealtyTrac U.S. Residential Sales Report provides counts and median prices for sales of residential properties nationwide, by state and metropolitan statistical areas with a population of 500,000 or more. Data is also available at the county level upon request. The report also provides a breakdown of cash sales, institutional investor sales, short sales, bank-owned sales and foreclosure auction sales to third parties. The data is derived from recorded sales deeds and loan data, which is used to determine cash sales and short sales. Sales counts for recent months are projected based on seasonality and expected number of sales records for those months that are not yet available from public record sources but will be in the future given historical patterns. Statistics for previous months are revised when each new monthly report is issued as more deed data becomes available for those previous months.
Important methodology note: Starting with this October report, RealtyTrac has adjusted the methodology for the report as it concerns short sales -- now applying a refined calculation to take into account the true loan balance secured by a home at the time of the sale, and additionally separating out of the short sale classification properties that sell at the public foreclosure auction short of the loan balance.
Related to this second change, RealtyTrac is now including a new category of distressed sale in the report: third-party foreclosure auction sales, which represent sales at the public foreclosure auction to third parties other than the foreclosing lender.
The RealtyTrac U.S. Residential & Foreclosure Sales report is the result of a proprietary evaluation of information compiled by RealtyTrac; the report and any of the information in whole or in part can only be quoted, copied, published, re-published, distributed and/or re-distributed or used in any manner if the user specifically references RealtyTrac as the source for said report and/or any of the information set forth within the report.
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RealtyTrac (www.realtytrac.com) is the leading supplier of U.S. real estate data, with more than 1.5 million active default, foreclosure auction and bank-owned properties, and more than 1 million active for-sale listings on its website, which also provides essential housing information for more than 100 million homes nationwide. This information includes property characteristics, tax assessor records, bankruptcy status and sales history, along with 20 categories of key housing-related facts provided by RealtyTrac's wholly-owned subsidiary, Homefacts®. RealtyTrac's foreclosure reports and other housing data are relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.