People are always interested in knowing how the real estate market is doing whether they are getting ready to sell or buy or are just curious about the changing value of their homes.  We read and hear almost daily statistics and opinions about the real estate market ranging from changes in volume sold and prices received, days on the market and to the impact of foreclosed or short sale homes. 

Keep in mind that all real estate is local and that national statistical figures don’t accurately portray what is happening in Sylvania or the City of Toledo for example.  We do know from records of listings and sales kept by the Toledo Board of Realtors that our inventory of homes started creeping up in the summer of 2005 and sale prices started creeping downward about 6 months later in early 2006.  Since then we have lost about ½% in home values each month or somewhere in the range of 18-24% in value again depending on neighborhood. 

The good news is that the number of homes for sale on the market has stayed fairly steady or declining again depending upon neighborhood for the past half year which may indicate we are stabilizing and hopefully that home prices might start increasing again soon.  I've included a graph that shows how the number of listings has changed in recent years.  Note that the number of listings or homes for sale have been dropping slightly, but steadily since March of 2008.  Don’t expect 3-4 % appreciation again for many years though. 

This market does offer great buys for buyers because of the historically low interest rates, good inventory and reduced price of homes.