by Jerry Arkebauer
Residential real estate sales in the Sylvania area have remained strong through 10 months of this year, and the trend should continue into 2022, according to Mark Kruse, a Realtor with Danberry Realtors, who presented his findings to the Sylvania Area Community Improvement Corp. Board of Directors on Nov. 10.
“So far, 545 homes have been sold. While this is down six percent from last year, the average selling price was $290,791, which is up 16 percent,” he said. The typical home is on the market for 63 days, which is down 27 percent from this time last year. He said even if interest rates for home mortgages increase by 0.5 to 1 percent, the difference in monthly payments over a 30-year term “is not that high.”
While costs of new construction should stabilize, selling homes at auction will continue as an alternative to the typical listing with a Realtor, he noted.
“The Sylvania area continues to be a desirable place to live,” he explained. “Due, among other things, to a good school system, access to expressways, parks, bike paths, Pacesetter Park, Centennial Terrace, and Wildwood Metropark.”
“People say there is an obvious pride of ownership of homes in the area, which leads to an enhanced quality of life,” Kruse added.
When asked about 2022, he suggested that the first quarter should be a predictor of the full year and with many people on the sidelines ready to buy a home, 2022 should pretty much mirror 2021.
SACIC is a nonprofit representing a collaboration of business and government working to enhance balanced economic growth and the quality of life in the greater Sylvania area. For Kruse, who has been a Realtor for more than 30 years, this was the fourth consecutive year he has reviewed Sylvania area real estate for SACIC.
“We always have thought that the availability of residential real estate is critical to the Sylvania area,” said Jeff Clegg, president of Toledo Memorial Park and the SACIC. “Mr. Kruse’s analysis was on target and bodes well for us for the balance of this year and next.”
Jerry Arkebauer is the past president of the Sylvania Area Community Improvement Corporation. He also is an economic development specialist.