Ohio's 2018 Year-End Home Sales

Ed Cyrek, 2019 President, Lorain County Association of REALTORS®

Ed Cyrek 2019 LoCAR President

The Ohio housing marketplace was extremely active in 2018 as the sector established record-setting levels in average sales price and total dollar volume, while nearly mirroring the best ever the rate of sales activity, according to Ohio REALTORS®.

Homes sales finished 2018 with a seasonally adjusted annual rate of 150,258, a 1 percent decrease from the record‐setting 2018 year‐end rate of 151,748. The average sales price across Ohio in 2018 reached $182,561, a 5.6 percent increase from the $172,884 mark posted during 2017.

“It was a solid year for the Ohio housing market, as we experienced record gains in average prices and nearly matched our best‐ever level of sales activity,” said Ohio REALTORS® President Anjanette Frye. “Ohio’s REALTOR® community played an integral role in helping people navigate the complexities of the home buying process and, most importantly, were trusted partners in making the dream of ownership a reality.”

Sales in December reached a seasonally adjusted annual rate of 144,916, a 5.3 percent decline from the month’s best‐ever mark of 153,013 posted in December 2017. The market experienced an 8.1 percent decrease in sales from November 2017’s seasonally adjusted annual rate of 157,655.

December’s average home price of $180,284 reflects a 5.6 percent increase from the $170,727 mark posted in December 2017.

Around the state, 17 of the 18 markets tracked experienced an increase in average sales price for the year compared to 2017. Nine local markets showed a year‐end increase in sales activity compared to 2017.

Home sales during the fourth quarter of 2018 slowed somewhat compared to the same three‐month period a year ago. Specifically, fourth quarter 2018’s seasonally adjusted annual rate reached 151,330, a 2.4 percent decrease from the fourth quarter 2017 mark of 155,092. Total dollar volume in 2018 reached a record‐breaking $27.8 billion, a 4.9 percent increase from the 2017 level of $26.5 billion.

Data provided to Ohio REALTORS® by Multiple Listing Services includes residential closings for new and existing single‐family homes and condominiums/co‐ops. Ohio REALTORS®, with more than 33,000 members, is the largest professional trade association in Ohio. The methods addressing Ohio REALTORS reporting of home sales activity is available at www.ohiorealtors.org

Today buyers and sellers have a lot of choices when it comes to REALTOR® representation, whether full-service or limited service. Make sure that expectations regarding level of service, communication and representation are agreed upon before selecting a REALTOR®, a member of the Lorain County Association of REALTORS®. Members of the Lorain County Association of REALTORS® care about the community in which they live, work and support.

The Lorain County Association of REALTORS® is one of more than 1,200 local boards and associations of REALTORS® nationwide that comprise the National Association of REALTORS®. The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing more than one million members involved in all aspects of the residential and commercial real estate industries.

The Lorain County Association of REALTORS® offers a website that provides a complete listing of REALTOR® real estate brokerages in Lorain County, contact information for REALTOR® members, and industry associates. If you are a first-time homebuyer or a repeat buyer consider www.MyNewCommunity.net or www.LoCAR.org as a good source for Lorain County REALTOR® information.

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. Not all real estate sales agents are REALTORS®. All REALTORS® are members of NAR along with their State and Local Associations.