An increase in pending home sales drops inventory further

Central Ohio saw 2,473 homes go into contract during the month of January, up 24.5 percent from the previous month, and 4.4 percent higher than a year ago. There were 2,170 central Ohio homes and condos added to the market in January. Although this was 47.8 percent more than the previous month, it was 2.2 percent lower than January 2016, leaving the inventory at 4,329 according to the Columbus REALTORS Multiple Listing Service.

“Just when we thought inventory couldn’t get any lower, it did,” said 2017 Columbus REALTORS® President Mic Gordon. “The increase in new listings wasn’t enough to offset the high number of homes that went into contract, bringing the number of homes left for sale to a new record low.”

There were 1,594 central Ohio homes and condos sold during the month of January, a 1.3 percent increase from January 2016, although down 29.2 percent from December.

The averages sale price of a home in January was $195,773, up 6.6 percent from one year ago. The median sales price was $160,800, a 5.1 percent increase over January 2016.

“Month after month, we’re seeing new records set for the central Ohio housing market,” Gordon said. “As long as inventory remains at record lows and demand remains strong, prices will continue to rise.”

During the month of January, central Ohio homes and condos spent an average of 50 days on the market, which is the lowest on record for the month. This is 10 days less than a year ago, but five days more than the previous month.

According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 98 percent of central Ohio REALTORS® would describe the current housing market as moderate to strong and 96 percent expect home prices to increase over the next year.

When asked what change they are seeing in the level of interest renters are expressing toward buying a home compared to last year, 65 percent said a substantial to slight increase in interest, 31 percent said no change and 4 percent said a substantial to slight decrease in interest.

June Home Sale Inventory On the Rise, Prices Highest Ever

 

According to a report released by Columbus REALTORS, there were over 7500 homes for sale in central Ohio this June, which is a 2.5% increase over last year and the highest number for 2015 so far.

Columbus REALTORS President Kathy Shiflet thinks this growth means homeowners realize its a good time to sell.

“Central Ohio homeowners have realized it's an opportune time to put their home on the market. . .” she said. “Both the real estate industry and the temperatures were hot last month!”

Furthermore, homes are still selling quickly in central Ohio with homes spending an average of just 47 days on the market, which is down 15 days from 2014.

More good news: home sale prices are on the rise, as well. Last month, the average home sale price for central Ohio was $206, 061. According to Columbus REALTORS, this is the highest on record.

Many think this hot market is here to stay. According to the report, 93% of central Ohio REALTORS expect this trend to continue with prices rising over the next year.

It seems that now is a great time to sell your home. If you're considering selling your home, visit my website and contact me to see how I can help. I am a full time Realtor with a 100% focus on serving Sellers (and Buyers!) in Central Ohio.

Central Ohio home sales on the rise

News flash: the central Ohio housing market is booming! According to a new report released by the Columbus Board of Realtors, May 2015 home sales for central Ohio were up almost 18 percent from the previous month, and grew 8.4 percent compared to May 2014. The Board also reports that the number of home sales for the first five months of this year are the highest on record, according to data from the Columbus Multiple Listing Service (MLS).

Columbus REALTORS® President Kathy Shiflet believes this surge will last, stating “There is an incredible amount of buyer interest right now, and no one is wasting any time purchasing a new home...I don't anticipate [it] waning any time soon.”

Homes are also selling more quickly. In May 2015, central Ohio homes only spent an average of 54 days on the market before they closed. This average is down 11 days from May 2014.

And the good news doesn't stop there. Average sales prices of central Ohio homes are also on the rise. May 2015 saw a 9.1 percent increase from last May.

No matter how you look at it, this is great news for central Ohio homeowners. Shiflet summed it up best when she said “It's simply a terrific time to sell your home!”

If you're considering selling your home, visit my website and contact me to see how I can help. I am a full time Realtor with a 100% focus on serving Sellers (and Buyers!) in Central Ohio.