Local housing market is still on the mend - News, Weather, Sports, Toledo, OH

Local housing market is still on the mend

Image source: MGN Online Image source: MGN Online
(Toledo News Now) -

The latest housing market statistics are out for Lucas and Wood counties, and realtors are breathing a sigh of relief.

For the first time in the last 6-7 years, it looks like the housing market is continuing its return to a normal, traditional market. That has realtors encouraged, and it's great news for buyers and sellers.

"We're seeing some really good things happening in the marketplace," said John Mangas, broker and partner with Re/Max Preferred Associates.

According to the Toledo Board of Realtors, for Lucas and upper Wood counties, April did see some decreases in the of transactions made, but that's not necessarily a bad thing.

"It does create the opportunities that are available for buyers to choose from," Mangas said. "The flipside is, that also means we're starting to see some increasing in prices. So for sellers, it's potentially the beginning of a very good thing."

Prices per square foot and overall sale price have both increased by 10 percent from last year.  

"We feel as though we have definitely bottomed out and we're on the way back up," Mangas said. "Barring some catastrophe in another part of the world, certainly we see this as a continuation of a recovery."

Areas noticing the best numbers are Perrysburg and Sylvania, and outlying areas like Monclova Township, Waterville and Whitehouse.

"The economy is recovering, we know that job growth is continuing to improve," Mangas said. "I think you combine [that] with great interest rates, and it's a perfect formula for buyers to go out and buy homes."

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