I for one am very, very glad that February is half over.
It’s the coldest month. It usually has the most snow. It’s the roughest month for Winter in Northwest Ohio. If you make it thru February, Spring is almost here. And we are now over half way thru February.
So it’s a good time to take stock of the real estate market, YTD.
At the CRS real estate conference that I just returned from in Las Vegas the talk was on the great, improving market in the majority of localities. I know that in Toledo, the recent chatter from my Board and my Association and our local news outlets are that things are booming.
Perrysburg? “Let’s go to the tape . . . ” and all the numbers are for single family homes only. (NOTE: Just CLICK on any image to embiggen to a readable size!)
1. Median Prices in Perrysburg . . .
Wow . . . prices FELL dramatically in January. $238k in December . . . to $160k in January.
IMO nothing to “worry” about. With small sample sizes there is almost always monthly volatility in these numbers. But . . . a note to homeowners – prices are not rising here like they are in other markets.
2. Supply and Demand in Perrysburg . . .
Normal seasonality is seen – which is a good sign of a healthy, balanced market.
But – note the HUGE decline in inventory with almost 25% fewer houses for sale now. That’s big!
3. Months Supply of Inventory in Perrysburg . . .
This is the big one in this tranche of data.
“MSI”? It’s how many months supply of homes in inventory there are.
And we have driven, excised, and bankrupted the majority of builders from the local market.
And the ones that are left are often scared and cautious. As they should be!
So we are not seeing lots of new rooftops being built. And many owners who are upside down? They are not selling until prices rebound.
Therefore – we see this . . . a historic imbalance in MSI. Which is not fun if you are a buyer. You better have a backup plan! For with just 3 months supply of inventory in the 43551 – which is the smallest that I can ever remember – you are going to need one!