November home sales in central Ohio showed healthy gains over last year. There were 1,923 residential sales during the month of November, a 30 percent increase from the 1,479 home sales in November 2011, according to the Columbus Board of REALTORS®.
November sale prices for homes sold in central Ohio were up for the tenth consecutive month. The average sale price of $165,444 was 8.6 percent higher than in November 2011. The average sale price of homes sold January through November 2012 was $168,198, up 7.2 percent from last year ($158, 929).
“The month of November (through February) are traditionally slower months for home sales,” says Jim Coridan, President of the Columbus Board of REALTORS. “However, with a vitalized housing market, buyer confidence on the rise and mortgage rates still at an all time low, we just may break away from tradition this winter season.”
The inventory of homes for sale continues to decline. There are now only 10,110 homes available for sale in central Ohio, 20.2 percent less than November 2011.
“With the combination of increased sales and low inventory, our months supply is down to 5.5. Any time the supply gets below 6 months, we have a sellers market,” said Coridan. “With a seller’s market, we are going to see home prices continue to rise.”
In addition, the number of days a central Ohio home was on the market was 84, which is 17.1 percent less than the same time last year.
Year to date, the median sale price of a home sold in central Ohio was $139,000 – 8.6 percent higher than one year ago.
According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 95 percent of central Ohio REALTORS® describe the current housing market as moderate to strong, up from 84 percent last month. Ninety-seven percent expect home prices to remain the same or rise in the next year compared to and 69 percent last month.
When asked what they think will happen to the residential real estate market in 2013, 71 percent of local REALTORS® believe we’ll continue improving at its current rate; 12 percent think the market will start slowing at a moderate rate; and 14 percent believe the market will continue improving but at a faster rate.
To view the report click here