AVAILABLE HOUSING INVENTORY SHRINKING IN NORTHWEST OHIO

According to a recent article in The Blade,  housing inventory in Northwest Ohio is now at a multi-year low - "In May, 2015, a total of 3,186 single-family homes were listed for sale in Lucas and northern Wood County. A year later, the May listings were at 2,958, and last May they fell to 2,566 listings."

“The impact of it all is that you have increased competition. When you have more people looking at a house that tends to create a frenzy...When a good house comes on the market, it could have 10 to 15 showings in the first couple of days because buyers know that you just can’t wait. There’s a frenzy upfront to see the house quicker and that leads to a steady increase in market pricing."

BCH's TAKE: Due to a) the reduction of new housing inventory coming online, b) the consolidation and shrinking pool of home builders operating in the area to absorb housing demand since the recession, and c) the surging stock market and tax overhaul providing potential buyers the opportunity to upgrade their lifestyle, we expect the upward trend in housing prices for both new and existing homes to continue to rise over the coming years.