2013 Finished With Big Numbers in Lima
I have finished my annual review of the sales numbers for real estate transactions that closed in 2013 in the Lima, Ohio area. According to an analysis of information supplied by the West Central Association of Realtors, the number of closed transactions is up by 15% over 2012. The average sales price also saw an increase of over 2.3% in the same period. The increase in sales volume and sales price should have been enough, but no, the days on market average also dropped by almost 2 whole weeks! What a year, Lima.
Another interesting item that I found in my review of the numbers was that the highest priced residential property sold in 2013 was over $100,000 more than the highest in 2012. The cheapest property sold through the year was also 3 times the amount of the cheapest in 2012. Pretty cool that the rising tide of price increases brought up the price of both mansions and shacks.
Not Every Neighborhood Saw Improvements in Lima Real Estate
While the overall number of homes sold, and the average price both increased from year-to-year, every real estate situation was not rosy. Certain neighborhoods saw a rise in listings taken and an even greater rise in expirations without sales. This is indicative that not all levels of buyers are participating in the market yet. A hot market is a good thing, but you should be talking to a professional real estate agent before you get involved.
As the National Association of Realtors is constantly pointing out, "All real estate is local."
If you have any questions about your particular situation, please don't hesitate to contact me.