Central Ohio inventory continues to inch up
WASHINGTON, D.C. – September 22, 2015 – (RealEstateRama) — The total inventory of homes for sale during the month of August in central Ohio continued to climb to 7,938, only slightly higher than the previous month, but the highest thus far in 2015 according to the Columbus REALTORS® Multiple Listing Service.
“Homeowners in central Ohio have gotten the message that it’s still a terrific time to put their home on the market – and that fact is certainly reflected in the inventory, which continues to rise,” said Columbus REALTORS® 2015 President Kathy Shiflet.
There were 3,483 central Ohio homes and condos put on the market during the month of August, a 7.2 percent increase over August 2015, although down 10.8 percent from the previous month.
There were 2,878 central Ohio homes and condos sold during the month of August, a 9.8 percent increase over the previous year, although a slight decrease of 10.2 percent from July.
During the month of August, homes spent an average of 46 days on the market (from listing until close), which is a decrease of 16.4 percent over August 2014 and just 3 days longer than the previous month.
“Buyers have taken notice of the influx of inventory in central Ohio,” Shiflet said. “They aren’t wasting any time at all going after new listings that interest them!”
During the month of August, the average home sales price was $200,305, an increase of 3.4 percent over August 2014. The median sale price in August was $165,500, up .6 percent from a year ago. Year to date (January through August), the average sales price ($194,164) is up 5.2 percent and the median sale price ($161,900) is up 4.6 percent from the same period one year ago.
The average sales price is the total volume divided by the number of homes sold. The median is the midpoint — half the homes sell for less, while half sell for more.
According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 79 percent of central Ohio REALTORS® expect home prices to rise over the next year, 17 percent expect them to level, and four percent expect them to fall.
When asked about their observations regarding the level of interest potential buyers have shown in purchasing their first home, 63 percent said interest has increased somewhat to a lot, 29 percent said there has been no change in interest and 8 percent said interest has decreased somewhat.
Columbus REALTORS® is comprised of almost 6,800 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.