The Columbus Board of REALTORS® just released their Central Ohio Housing Report for May 2013, and it is worth a read! Listings are up 19.6 percent from May 2012, while sales also skyrocketed. Up 27 percent from the same time last year, home sales reached the most home sales on record for the month of May. President of the Columbus Board of REALTORS®, Chris Pendon said, “As market confidence continues to improve, we’re going to see more houses go up for sale. Sellers can take full advantage of the low inventory and high competition (between buyers) by listing their home now – and it seems they are doing so.” – http://columbusrealtors.com
Pedon hits on the fact that the real estate inventory is incredibly low right now, remaining almost 16 percent lower than May 2012, which the Columbus Board of REALTORS® says is the lowest during the month of May since 2003. Pedon touched on the low inventory market saying, “With lower inventory, competition is fierce, which is driving up prices, But that obviously isn’t curbing people’s interest in buying homes. And these situations are exactly when the services of a REALTOR® can be indispensable.” – http://columbusrealtors.com
The Columbus Board of REALTORS® also writes:
“The median sales price of a home sold in central Ohio in May was $150,000, un 8.3 percent comparared to one year ago ($138,500). The average sale price was $176,523 up 5.9 percent from the same time last year ($166,649).” – http://columbusrealtors.com
In addition, Upper Arlington’s year to date average home sales price is at $317,607, up 5.1 percent from May 2012 ($302,069). The average sales price in the Hilliard city school district is up 15 percent to $210,223, up from $182,755 at this time last year.
The market remains hot! There just needs to be a spike in inventory to meet all this housing demand.