Columbus, OH – June 22, 2015 – (RealEstateRama) — There were 2,926 central Ohio homes and condos sold during the month of May, a 17.8 percent increase over April and an 8.4 percent gain over May 2014. This puts the total number of homes sold for 2015 at 10,531, which is highest number of homes sold on record for the first five months of the year, according to the Columbus REALTORS® Multiple Listing Service.
The number of homes in contract also climbed to 3,867, which is 12.4 percent higher than the previous year.
“The central Ohio housing market is hot! There is an incredible amount of buyer interest right now, and no one is wasting any time in purchasing a new home,” said Columbus REALTORS® 2015 President Kathy Shiflet. “May was a very active month. I don’t anticipate buyer interest or our active market waning anytime soon.”
During the month of May, homes spent an average of 54 days on the market (from listing to close), down 11 days from May 2014 and 8 days from the previous month.
“Homes in central Ohio are selling more quickly today than any other time in history,” Shiflet said. “We’re also more seeing multiple offers, offers over list price and same-day contracts than ever before. It’s simply a terrific time to sell your home!”
The average sales price of a home during the month of May in central Ohio was $199,860, which is a 9.1 percent increase over the previous year and a 6.7 percent increase over April. The median sale price in May was $169,900, up 9.6 percent from a year ago.
Year to date (January through May 2015), the average sale price of a home was $185,472 – up three percent from the height of the housing boom in 2005 and the highest on record.
“Home values are only continuing to appreciate, which is a tremendous advantageous for central Ohio homeowners who are looking to move up or build equity,” says Shiflet. “However as prices continue to inch up, this may begin to deter potential buyers.”
There were 4,006 central Ohio homes and condos put on the market during the month of May, a .4 percent increase over April and a slight decrease over the previous year by .6 percent. This put the total inventory of homes for sale at 7,476.
According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®) 95 percent of central Ohio REALTORS® expect home prices to rise over the next year.
When asked about the debt load of their buyers, 43 percent said they observed their buyers’ debt loads to be decreasing, 34 percent said they observed no change, and 23 percent said they observed debt loads to be increasing.
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.
Source: Columbus REALTORS®