Central Ohio Housing Report – September 2016
Central Ohio home sales hit record high in September
WASHINGTON, D.C. – (RealEstateRama) — Central Ohio saw record home sales last month, due in great part to the record number of homes added to the market in August. There were 2,869 central Ohio homes and condos sold during the month of September, an 8.3 percent increase over the previous year and the highest number of closed sales for the month of September ever recorded according to the Columbus REALTORS® Multiple Listing Service.
“Most homeowners decide to sell their home because they’d prefer to be in a different neighborhood,” 2016 Columbus REALTORS® President John Royer. “Others want a home with different features or a different location with a better view. And of course, there are always homeowners wanting a bigger home, while a similar percentage want to downsize. Whatever your reason, now is a good time to consider listing your home, while the demand is so strong.”
“Central Ohio home buyers continue to be eager and ready to commit to purchasing a home,” said 2016 Columbus REALTORS® President John Royer. “There’s no reason not to put your home on the market right now, especially since demand for homes continues to remain so strong!”
The average sale price of a home in central Ohio during the first three quarters of 2016 was just over $203,000 which is up 5.2 percent from a year ago. The average sales price of a home during the month of September was $205,591, up 6.0 percent from a year ago. The median price of a home sold in September was $172,000, up 7.5 percent from last year.
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.
The number of homes for sale in central Ohio during the month of September was 6,125 which is down 2.3 percent from August and down 22.8 when compared to last year. There were 2,962 central Ohio homes and condos added to the market in September, a 5.0 percent drop from the same month a year ago and a 12.6 decrease from August.
“Inventory may be dwindling as we head into the cooler months, but that’s all the more reason for prospective sellers to get off the fence and list their home,” Royer said. “Buyers are anxious to see new listings and ready to commit.”
During the month of September, central Ohio homes and condos spent an average of 34 days on the market, which remains unchanged from August and is 10 fewer days than in September 2015.
According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 100 percent of central Ohio REALTORS® would describe the current housing market as moderate to strong.
When asked about multiple offers situations over the past year, 92 percent report seeing an increase, six percent said it’s about the same and two percent have seen a decrease.
Columbus REALTORS® is comprised of over 7,500 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.
