Columbus-Area Home Sales Remain Strong Heading Into Fall

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.”

According 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.”

Rental Demand in Columbus Remains High

Despite the city adding 3,300 apartments last year, rental demand in Columbus remains high. According to an article by Columbus Business First, the amount of vacant apartments in Columbus (which is already below average for the country) will drop in 2016 to the lowest number since 2000. The vacancy rate, at 4.9% last year, is expected to drop to 4.5% by the end of the year. In terms of supply and demand, developers are projected to complete 1,080 more units, while renters are expected to occupy 1,650 more units in 2016. The article cites low interest rates and “favorable apartment fundamentals” as the cause for the rise in demand. For more information, read the full article here.

Columbus resident showcases minimal lifestyle on HGTV's “Tiny House Hunters”

Twenty-six year-old Short North resident Nils Root was recently featured on the HGTV series “Tiny House Hunters” to showcase his new condo. At 442 square feet, his High Street home fit the bill for the network's new show on living simply. According to a recent article in The Columbus Dispatch, the show represents an increasing population of home buyers with a desire for a more minimalist lifestyle. The article goes on to say that Central Ohio, specifically, currently has four condos up for grabs in the Downtown area that fulfill this desire, each clocking in at under 550 square feet.



via The Columbus Dispatch

Root worked with a Keller Williams agent to find a simple space that fit his needs. His search took him to Grove City, North Linden, and eventually, to the Short North neighborhood near downtown Columbus. Root was able to secure his tiny abode for $131,500 and has furnished it with small appliances and simple seating arrangements.

via The Columbus Dispatch

Another aspect that draws home buyers to purchase a small space is the opportunity to scale back on material possessions. Root told the Dispatch that he threw out any item he hadn't used in the last year. Five hundred square feet doesn't leave a lot of room for unnecessary clutter and home buyers looking to live small may have to make sacrifices when it comes to their larger furniture items. However, many people find this kind of de-cluttering gratifying. Terri Murray, the manager of the “Tiny House Hunters” series told the Dispatch that she feels many people dream of scaling back, owning a smaller home, and living more simply, and that this dream inspired the series.

 

The second season of Tiny House Hunters airs today, Monday, July 6^th on HGTV.

Columbus, OH One of Best Markets For Landlords

RealtyTrac studied 370 major U.S. counties in order to determine the most attractive markets for landlords. Its results are based on factors including unemployment rates, median home prices, average rents, and demographics. An article released by CNNMoney states that, regarding demographics, a presence of large millennial and baby boomer populations is ideal because both groups are undergoing major life changes that sometimes entail changes in housing. While a significant number of baby boomers move to Florida, millennials are more spread out across cities such as Philadelphia, Pennsyvania and Atlanta, Georgia.

The results list Columbus, OH as the eighth best market for landlords. The median sales price for a home in Columbus is $125,000, while the average rent for a 3-bedroom place is $1,039 per month. This translates to a gross rental yield of 10%

The single best market in which to be a landlord is Anderson, South Carolina. Here, the median home sales price is only $69,900, and the average rental rate (again for three bedrooms) is just under $900, resulting in a 15.3% gross rental yield. Other top ten markets include Gainesville, Florida, Pittsburgh, Pennsylvania, and Charleston, South Carolina.

Columbus, OH Ranked 5th Best City for 2014 College Graduates!

Apartments.com annually generates  a list of the top 10 cities for recent college graduates to live in based on a series of criteria including employment opportunities, salaries, affordability (including rental rates), and demographics (including age and martial status, favoring young, single populations).

The results:

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1. Denver, Colorado. 
2. Charlotte, North Carolina
3. Phoenix, Arizona
4. Austin, Texas
5. Columbus, Ohio
6. Cincinnati, Ohio
7. Fort Worth, Texas
8. Indianapolis, Indiana
9. Las Vegas, Nevada
10. Dallas, Texas

Columbus, Ohio is noted for its singles' scene as indicated by the high percentage of male-only and female-only households. It is also praised for its affordable rents and diverse economy, which includes education, government, insurance, fashion, energy, and medial research. Similarly, Cincinnati stands out in terms of affordability and job opportunities. It has the lowest average monthly rent (at $707) and is home to many major companies such as Procter & Gamble and Macy's.

Curious about the other cities on the list? Read the full article here.

Market Update

Summary: The housing market is in a completely different state than it was this time last year, with steady price increases, more solid inventory, and strong demand.

Details:  Median age of inventory is 94 days. This is a leading indicator of demand and has declined by 11.32 percent from last year. In Columbus in particular, inventory is scarce, with a median age of inventory of 78 days—less than three months! Home prices, on the other hand, have risen. Nationally, the median list price increased by 7.57% year-over–year. The median list price for homes in Columbus, Ohio is $148,500. –a smaller increase of 2.77%. Overall, the market did not experience the seasonal slowdown typical of the fall months, leaving buyers, sellers, and Real Estate agents working full steam ahead.

In today’s recovering market, there is never a bad time to buy or sell your home. I assist both buyers and sellers in Central Ohio. Contact me if you are looking for a qualified and caring agent to address your specific home needs. 

Click here to see market statistics for a wide variety of other major U.S. cities. 

A Snapshot of Contemporary Home Design: The Parade of Homes is Here!

The BIA Parade of Homes is here! It features 13 homes that vary in style and price (from $450,000 Craftsmans and Colonials to $850,000 Italianate houses). An article in The Columbus Dispatch discusses the latest housing trends: master showers instead of baths, home offices, eat-in kitchen islands, granite alternatives such as marble and quartz, wall textures and surfaces, outside storage, stained and polished concrete lower-level floors, outdoor rooms, hidden garages that increase curb appeal, and built-in desks that provide computer space. The article also discloses trends of the past. Only 35% of buyers want dining rooms. First floor master suits with lounge areas are also no longer desirable. Many people consider master sitting rooms a waste of space; they also want their bedroom to be on the same level as their childrens'. Finally, having a large master suite on the first floor simply takes up space and displaces rooms that are not as appropriate on the second floor. Two-story interiors are also on the decline. People prefer family rooms with 10 or 12 foot ceilings as opposed to a "great room." This allows for another room (a second family room, loft, etc) above the great room. Check out these trends for yourself: the Parade epitomizes contemporary housing design.

Event Details

Location: Jerome Village, in southeastern Union County. Click here for directions.

Dates/Times: Saturday June 15th-Sunday June 30th
                      Monday-Saturday: noon-9pm
                      Sunday: noon-6pm

Tickets: 11$ online, 12$ at the door. Children 12 and under are free.

Parking: 2$ cash

         

A Great Escape: Lakefront Vacation Condos for Sale!

It’s hardly a secret that summer is Ohio’s most anticipated season. What makes it even better? Being able to spend day or weekend at a lake! Indian Lake is a great community on the water. People can buy waterfront condos that each come with a boat dock. Indian Lake also hosts a variety of events. Some upcoming events include Kid’s Fishing Derby, Turkeyfoot Hospice Parade and Auction, Movie on the Beach, Lakeview Car and Craft Show, Indian Lake’s Got Talent, and Beach Spectacular and Fireworks. Click here for a complete list of activities, including the place and time of each event. Indian Lake's website also details information about restaurants, boating, camping, and the community.

Still not convinced? Come to one of my open houses this Sunday from 12 to 2. I will be showing three different units, which vary in size and price. They are all in Russells Point, Ohio (in Logan County, situated on Indian Lake). Come see for yourself how sweet it would be to own a vacation condo!

To view my Indian Lake listings, click on the following links:

  241 Chase Ave, first floor Listed at $219,900. Bed/Bath: 3/2.5 

241 Chase Ave, second floor Listed at $130,000. Bed/Bath: 2/2

129 Chase Ave Listed at $109,500. Bed/Bath: 2/2

If you're interested in or have questions about the properties, contact me!

"Wicked" Playing in Columbus-Don’t Miss Out!

June is an exciting month in Columbus. With the weather finally turning nicer, residents can enjoy a variety of both indoor and outdoor activities. The Columbus Zoo is always a great place to spend an afternoon. Plus, the waterpark Zoombezi Bay is right next door! While these two destinations will be open to the public all summer, the Broadway play Wicked is playing in Columbus this month only. Don’t miss the opportunity to see it—it’s a very entertaining show!

Synopsis: Wicked tells the untold past of  the Wicked Witch of the West (Elphaba) and Glinda the Good. Glinda and Elphaba both attend Chiz University in the land of Oz, where they initially loathe each other. Despite their rough start, the girls develop a powerful friendship that defies all odds and blurs the lines between good and evil. Wicked features music and lyrics by Stephen Schwartz and is based on Gregory Maguire's books.

Showing Information: Wicked is playing now until June 23^rd at the Ohio Theater. Show times are as follows:

Mondays:        no performance

Tuesdays:       8pm

Wednesdays:  8pm

Thursdays:      8pm

Fridays:           8pm

Saturdays:       2:00 and 8:00

Sundays:         1:00 and 6:30

Ticket Information: Ticket prices range from $55 to $190, based on when you see the show and where you sit. An interactive seat map allows you to select your own seat at the time you purchase your tickets.