Home sales outpacing prior years
WASHINGTON – June 23, 2016 – (RealEstateRama) — There were 3,091 central Ohio homes and condos sold during the month of May, a 15.7 percent jump over April and a 2.4 percent increase over May 2015. Year-to-date sales (January through May) were 11,464 which is the highest on record for the first five months of the year according to the Columbus REALTORS® Multiple Listing Service.
During the month of May, homes spent an average of 44 days on the market, which is 8 days shorter than April and 10 days shorter than May 2015.
“Homes are selling quickly this spring,” said 2016 Columbus REALTORS® President John Royer. “Our challenge continues to be the lack of homes for sale. Inventory today is less than 40 percent of our average over the last decade.”
Although the number of homes and condos for sale in central Ohio rose 4.2 percent last month (to 5,588), this is still down 25.3 percent from May 2015.
There were 3,844 central Ohio homes and condos added to the market during the month of May, down 3.8 percent from the same month a year ago and down 1.7 percent from April.
The months supply of inventory last month remained low at 2.1 meaning, if no more homes were added to the market, it would take just a little more than 2 months to sell all of the homes and condos currently for sale in central Ohio. A balanced market is usually around 6.5 months supply.
Sales prices continued their upward trend reaching record highs once again. The average sales price of a home in May was $211,974, a 6.3 increase from the previous year and a 4.7 percent increase over April. The median price in May was $177,900, a 5.3 percent increase from a year ago.
When asked whether sellers are becoming more or less realistic when anticipating the value of their home to put on the market, 24 percent said more realistic, 31 percent said no change and 45 percent said less realistic according to central Ohio REALTORS® polled in the latest Housing Market Confidence Index by the Ohio Association of REALTORS®.
“With inventory low and prices high, it’s a good time to list your home,” adds Royer. “But sellers still need to be realistic when it comes to pricing. We have buyers ready and willing. But they aren’t going to spend more than what the home will appraise for.”
Columbus REALTORS® is comprised of almost 7,300 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.