Local Toledo Real Estate Market Seeing Improvement in Sales, Inventory and Number of Days to Sell

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One of the most frequently asked questions I get as your trusted Realtor for the Toledo and surrounding areas is “how is our real estate market doing”. That’s why we regularly report on current market statistics, especially as they relate to previous months and years. As we watch our trends, we are seeing a lot of improvement in almost all areas of our local market. In a nutshell, sales are up, inventory is down and the number of days it is taking to sell a property has fallen as well.

Though they can better be broken down into the upper-end market and the single-family homes, the easiest way to gauge just how much change we’re seeing is to look at the entire market as a whole.

Number of Homes Sold

One of the most unprecedented shifts in our market has been the number of homes sold in 2012 as of May versus the same time frame in 2010. In the two-year period, we have seen a very significant jump in sales – 40% more homes were sold in 2012. Though prices are firm and have not changed much in the past two years, the number of homes sold indicates stronger consumer confidence and of course a market that is finally shifting toward being a seller-centric environment.

Available Listings on the Market

The number of months’ supply of inventory in our market just two years ago was 9 months. In other words, it would take nine months to sell all the homes listed at the time if no new listings were placed on the MLS. Conversely, looking at this year’s numbers we are at a much lower 5 months’ worth of inventory. A balanced market is typically at 6 months so by all indications we are well into a sellers’ market at this point.

Days On Market Average

While there has not been too much improvement in the number of days it is taking to sell a home in our upper markets (homes above $300,000), the number has improved. As of May in 2010 the average DOM for upper market homes was about 150 while today that number is 97. For all others homes the DOM has remained fairly steady at about 92 days.

Pending Contracts

One very important statistic to note is the number of homes under contract this year for the upper market versus in 2010. Two years ago in May there were just 20 homes above $300k on the market whereas today there is a 120% jump in that number.
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All this is great news and it is a strong indication of better things to come. We still have a long way to go with housing prices since the average price actually went down about 8% over the past two years. Still, overall it’s a good market.

If you would like to explore listing your home or finding the perfect property to lock in the phenomenally low interest rates out there right now, contact us today!