There are stories coming out of Florida and California that the market is beginning to rebound. In central Ohio, real estate has rebounded – for now.
Is it a rebound or just a typical “spring thaw” for the real estate market. Not very many people like to look at homes when it is 20 degrees and snowing, so when the weather turns in late March and early April, Ohio real estate agents see this flood of new buyers and sellers come on to the market.
Before saying that the Ohio market has rebounded, there needs to be strong data for April, May and even into June. Two good months back-to-back is a sign that the market is recovering, three or four is a real cause to celebrate.
However, while continue to discuss the rebound, PMI Mortgage Insurance Company has named the greater Columbus, Ohio metropolitan area as one of the top three stable markets in the nation.
Central Ohio ranked as the nation’s third most stable market in a recent study announced by PMI Mortgage Insurance Corporation, a California-based provider of residential mortgage insurance and credit enhancement products to expand homeownership.
While the study found that as many as 98 percent of the nation’s 381 metropolitan statistical areas have a risk of losing value through the end of 2010, it noted that 212 of them had minimal-to-low-risk of value loss.
The 10 most stable MSAs (Metropolitan Statistical Areas) in terms of real estate price depreciation (with No. 1 being the most stable) are:
1. Pittsburgh, PA
2. Cleveland-Elyria-Mentor, OH
3. Columbus, OH (includes Delaware County)
4. Dallas-Plano-Irving, TX
5. Fort Worth-Arlington, TX
6. Houston-Sugar Land-Baytown, TX
7. Memphis, TN-MS-AR
8. San Antonio, TX
9. Charlotte-Gastonia-Concord, NC-SC
10. Indianapolis-Carmel, IN
By comparison the 10 riskiest metropolitan areas in terms of housing price depreciation are:
1. Miami-Miami Beach-Kendall, FL
2. Riverside-San Bernardino-Ontario, CA
3. Ft. Lauderdale-Pompano Beach-Deerfield Beach, FL
4. Los Angeles-Long Beach-Glendale, CA
5. Las Vegas-Paradise, NV
6. Tampa-St. Petersburg-Clearwater, FL
7. Orlando-Kissimmee, FL
8. Santa Ana-Anaheim-Irvine, CA
9. Jacksonville, FL
10. Phoenix-Mesa-Scottsdale, AZ
To view PMI’s Economic and Real Estate Trends (ERET) report for Q1 2009, as well as the company’s market data for all 381 U.S. MSAs, click here (PDF).
By Toby Boyce who is a real estate agent in Ohio and blogs at Delaware Ohio Real Estate. Toby can be contacted at 740-990-9748 or by email at toby@tobysellshomes.com.
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