It was a busy summer for home sales! There were 3,116 central Ohio homes and condos sold during the month of August, a 4.8% increase over the previous year. This was the highest number of closed sales for the month of August ever recorded and the second highest month for 2016, according to the Columbus REALTORS® Multiple Listing Service.
“Central Ohio home buyers are still being very
aggressive in their decisions to purchase homes" said 2016 Columbus
REALTORS® President John Royer. “Since demand for homes continues to be
so high, potential sellers are encouraged to get their home on the
market – they don’t have anything to lose!"
The average sales
price of a home in central Ohio during the month of August was $204,629,
a 3.3% increase over August 2015. During
the month of August, central Ohio homes and condos spent an average of
34 days on the market, which is 29.2% (14 days) shorter than last
year and just one day longer than July.
“Inventory and new listings are beginning to
taper, but this is to be expected as we head into the fall selling
season" Royer said. “However, it’s still a terrific time to list your
home as buyers remain eager for inventory and home values remain high.”
to the latest Housing Market Confidence Index by the Ohio Association
of REALTORS®, 98% of central Ohio REALTORS® would describe the
current housing market as moderate to strong. When asked what the
single most important factor that they believed limited their buyers
from purchasing a property so far this year, 92% said difficulty
finding the right property because of low inventory.
“Homes are continuing to fly off the market, even as inventory begins to dwindle,” Royer said.”