Central Ohio Housing Report – July 2016
Homes for sale hit annual high in central Ohio
WASHINGTON, D.C. — (RealEstateRama) — The number of homes for sale in central Ohio rose 8.3 percent to 6,402 in July 2016 compared to the previous month. Despite being down almost twenty percent from last year, it’s the highest level of inventory seen in 2016 according to the Columbus REALTORS® Multiple Listing Service.
There were 3,865 central Ohio homes and condos added to the market during the month of July, a slight decrease of 0.8 percent from the same month a year ago, but down 3.7 percent from June.
“The increase in homes for sale was good news for buyers given the inventory shortage we’ve been experiencing for the last couple years,” said 2016 Columbus REALTORS® President John Royer. “With such strong demand, we continue to encourage potential sellers to get their homes on the market.”
During the month of July, central Ohio homes and condos spent an average of 33 days on the market, which is 23.3 percent (10 days) shorter than last year and the lowest on record. Year-to-date (January through July), homes spent an average of 47 days on the market (19 percent faster than last year), which is also a record low.
Days on market (DOM) is the average number of days between the time a property is listed and when an offer is accepted or closed. This is not necessarily how long the house has been on the market. If an owner switches real estate agents, the number is reset. There are also occasions when a home is withdrawn and later relisted which would also reset the DOM.
“Central Ohio homes are selling faster than they ever have before,” said Royer. “And as long as we have more buyers than sellers, we expect this robust market to continue.”
The average sales price of a home in central Ohio during the month of July continued to climb to $213,809, a 4.1 percent increase over last year, although a slight dip from June by 1.2 percent. The median price of a home sold in July was $179,000, up 5.9 percent from one year ago.
“Investing in a home is one of the smartest decisions you can make and the increasing sales prices are a strong indication of local home values,” Royer added. “The central Ohio market is the shining star in the state of Ohio.”
There were 3,070 central Ohio homes and condos sold during the month of July, a 5.5 percent decrease from the previous month and a 7.6 percent decrease from July 2015.
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.
When asked what affect higher home sale prices are having on consumers’ interest in buying, 23 percent said a significant to slight decrease, 35 percent said no change, but 42 percent said they’re finding a slight to significant increase in buyer interest.
Columbus REALTORS® is comprised of over 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.
To view commercial properties for sale or lease in central Ohio, visit www.COCIE.org.
To view residential properties for sale, visit www.Realtor.com.
