Central Ohio housing market heating up
Columbus, OH – May 21, 2015 – (RealEstateRama) — There were 3,987 central Ohio homes and condos put on the market during the month of April, a 15.2 percent increase over March and a 7.4 percent gain over April 2014. This increase put the total inventory of homes for sale at 7,003, according the Columbus REALTORS® Multiple Listing Service (MLS).
“Central Ohio sellers have gotten the message that it’s truly a great time to put your home on the market, which was made apparent by the significant number of new homes listed in April,” said Kathy Shiflet, Columbus REALTORS® 2015 President. “It’s clear the central Ohio housing market is really beginning to heat up!”
The average sales price of a home during the month of April in central Ohio was $186,419, which is a 6.3 percent gain over April 2014 and a 4.4 percent increase over the previous month. The median sale price in April was $159,000, up 6 percent from a 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.
“Strong price growth, mostly due to lack of supply, is an advantage for central Ohio homeowners looking to move up or build equity,” says Shiflet. “But it’s also an impediment for current buyers who want to make a move before interest rates or home prices rise further.”
There were 2,404 central Ohio homes and condos sold in April 2015, which is a 12 percent gain over the previous month and a 3.9 increase over April 2014.
The number of homes in contract also climbed to 3,936 which was almost 13 percent higher than March, and a 12 percent jump from the same month a year ago.
During the month of April, homes spent an average of 62 days on the market (from listing to close), down 15 days from April 2014.
“We’re educating our buyers on the current market conditions and lack of supply,” adds Shiflet. “So they aren’t wasting any time when new inventory comes on the market.”
“Another option that should always be part of the conversation is new construction. We have many first-rate builders who have new homes available or can build one to incorporate the buyer’s preferences.”
According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®) 94 percent of central Ohio REALTORS® expect home prices to rise over the next year. When asked the reason for home sales not closing, 35 percent said inspection issues, 33 percent sited appraisal issues and 27 percent said financial issues were to blame.
Eighty-five percent said that what’s keeping local homeowners who want to sell their homes from putting them on the market is the lack of homes to buy after they sell.
Columbus REALTORS® is comprised of over 6,500 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.