The Central Ohio Housing Report for July 2013 was released, and it was a record breaking month. According to Columbus Realtors, “Year to date sales (15,988) are 24.2 percent ahead of last year and the highest for the first seven months of any year recorded by Columbus REALTORS®.” – Columbus REALTORS®
Chris Pedon, the 2013 president of Columbus REALTORS® attributes the dramatic rise in sales from 2012 to 2013 to demand. ” Pent up demand is fueling the country and Central Ohio is no exception,” said Pedon, “Prior to this year, the highest number of home sales we’ve seen in Central Ohio seven months into the year, was in 2005 during the height of the housing boom when we had 15,654 closings by the end of July.” – Columbus REALTORS®
According to Columbus REALTORS®, the average sales price for Franklin county in July rose 2.6% from July 2012, up to $186,468 from $181,740.
Another point of note is the stable demand in home ownership, regardless of escalating prices & interest rates:
“The demand is there,” adds Pedon. “Even though home prices and mortgage interest rates have both risen this summer, mortgage payments are still less than rent in most cases. Even new college graduates with school loans are opting to own a home versus renting. They get the added benefit of being a homeowner and accruing equity while their lower monthly housing costs allow them to pay on their school loans.” – Columbus REALTORS®
Columbus REALTORS® says that the 3,515 homes put in contract last month suggests that the high sales volume trend is continuing. Also, according to Housing Market Confidence Index, 93 percent of central Ohio REALTORS® expect home prices to increase in the next year.
If you are thinking about listing your home, give The McVey Team a call, and we would be more than happy to give you a comparative market analysis on the value of your home.