June inventory highest this year; prices highest on record
Columbus, OH – July 22, 2015 – (RealEstateRama) — The total inventory of homes for sale during the month of June in central Ohio was 7,663, a 2.5 percent increase over the previous year and the highest thus far in 2015 according to the Columbus REALTORS® Multiple Listing Service.
“Central Ohio homeowners have realized it’s an opportune time to put their home on the market and the increase inventory reflected this,” said Columbus REALTORS® 2015 President Kathy Shiflet. “Both the real estate industry and the temperatures were hot last month!”
There were 3,984 central Ohio Homes and condos put on the market during the month of June, a 1.6 percent increase over June 2014 and just a slight decrease of .4 percent over May. Even so, the supply of homes for sale in central Ohio is still lower than it has been in 15 years.
“With the lack of inventory, today’s buyers are highly motivated to act quickly on homes that are put on the market,” Shiflet said. “If you’ve considered selling your home, now is the time to do it!”
There were 3,148 central Ohio homes and condos sold during the month of June, a 7.6 increase over May and a 4.8 increase over June 2014. This puts the total number of homes sold for 2015 at 13,782 which is the highest number of homes sold on record for the first six months of the year.
The number of homes in contract also inched up to 3,987, which is 3.1 percent higher than the previous month and a 12.6 gain over June 2014.
During the month of June, homes spent an average of 47 days on the market (from listing to close), which is down a whopping 24.2 percent (15 days) from the previous year and 13 percent (7 days) from May.
“Homes are flying off the market in central Ohio!” Shiflet said. “Homes are selling more rapidly than ever before and multiple offers as well as offers over list price are occurring more and more.”
During the month of June, the average home sale price was $206,061 – the highest for any month of any year on record. The average sale price of homes sold during the first half of the year (January through June) was $190,102 – another record high for central Ohio.
“Central Ohio homes continue to increase in value,” Shiflet said. “This price appreciation is a boon to homeowners who are looking to build equity or move up.”
According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®) 93 percent of central Ohio REALTORS® expect home prices to rise over the next year.
When asked how difficult it is for clients to secure financing in the current lending environment compared to a year ago, 56 percent said it remains the same, 30 percent said somewhat easier and 12 percent said it’s somewhat more difficult.
Columbus REALTORS® is comprised of over 6,600 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.