CLEVELAND, OH (WOIO) - If you've even considered selling your home, according to the Ohio Association of Realtors, now may be the time to do it with records being set. Looking at 2017 March home sales, compared to March of last year, sales are up 6.3%.
Meaning the rate of sales was a best ever mark for March since OAR started tracking sales back in 1998. The average sale price of a home in Ohio in March was $163,382, up 6.2% from March of last year when the average price was $153,800.
March is considered the start of the of the traditional home buying season. Realtor Tim Damiano with Russell Real Estate Services describes the Cleveland housing market as "on fire."
"There is such a shortage of inventory at this point that when a fantastic home hits the market, it's usually under contract at or above list price within a day or two!" Damiano said.
The real problem now, according to Damiano, is a shortage of inventory but that ends up being a bonus for sellers.
"Some buyers are getting so frustrated with losing out on homes over and over again, that they are willing to pay several thousand dollars higher than list price," Damiano said.