Central Ohio home prices hit a 5-year high
Home prices in central Ohio hit its highest point in five years last month as many of the area’s pricier communities saw double digit sales increases, according to the Columbus Board of REALTORS®.
Homes closed during July 2012 sold for an average of $186,781 which is 10.3 percent higher than the average sale price of a home sold in July of 2011.The last time homes during any given month sold were selling this high was June of 2007 when the average sale price was $187,180.
This holds true for the year as the average sale price of homes sold January through July 2012 ($167,754) is also at its highest point since January of 2007 ($172,531).
Sales in communities such as New Albany, Bexley, German Village, Powell, Dublin, downtown Columbus, Granville and Upper Arlington saw sales increases of anywhere from 12 to 67 percent. The increased sales combined with prices ranging from $267,000 to $557,000 help boost the overall market home price average.
There were 2,096 central Ohio homes sold during July 2012 which marks an 8.0 percent increase over July of 2011. Year to date home sales are 10.7 percent ahead of last year.
“Some areas can attribute higher sales and prices to their school districts as families with school-age children are more likely to move during the summer,” said Jim Coridan, President of the Columbus Board of REALTORS®. “But in some areas, prices are showing healthy increases because demand is greater than the supply of homes for sale.”
There were 3,123 residential homes put on the market last month – a 4.0 percent increase over new listings added during July of last year. However, year to date, listings are down 3.5 percent when compared to the first seven months of last year.
“Home owners who’ve been watching the housing market should take another look right now,” adds Coridan. “Prices are the best they’ve been in years, interest rates remain low and there are a fair number of frustrated buyers anxious to make their move before the nights start to cool.”
According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 90 percent of central Ohio REALTORS® describe the current housing market as moderate to strong and 92 percent expect home prices to remain the same or rise in the next year. They also report that the typical client today is looking for a mid-range home purchase.