Central Ohio Housing Report

There were 2,249 central Ohio homes and condos added to the market during the month of January, a 47.1 percent gain over the previous month, although a slight dip of 2.5 percent from January 2015, according to the Columbus REALTORS® Multiple Listing Service.

The average sale price of a home in January was $184,789, an increase of 5.9 percent over January 2015 and a 0.3 percent increase over the previous month. The median price in January was $153,000, an increase of 9.3 percent from a year ago.

“A significant number of homes were added to the market in January, but buyers are eager for more,” said 2016 Columbus REALTORS® President John Royer. “With prices up, if you’re having any thoughts of selling, now is the time to get the ball rolling by speaking to a REALTOR®.”

There were 1,519 central Ohio homes and condos sold during the month of January, the highest sales on record for the month of January ever. This was an 8.9% increase over January 2015, although a 29.6 percent drop from the previous month.

Inventory continues to remain lower than before the year 2000. The total inventory of homes for sale during the month of January in central Ohio was 5,796, a decrease of 3.6 percent from the previous month and 17.8 percent lower than January 2015.

“The lack of inventory in central Ohio is a major problem, particularly with the number of eager buyers out there,” said Royer. “If you look at the number of homes sold in January, it’s very clear that buyers are ready to pounce!”

The months supply of inventory during January was 2.2, which is 4.3 percent lower than December and the lowest on record. The months supply is calculated by taking the amount of inventory divided by average monthly sales over the last 12 months. In other words, if no more homes were added to the market, it would take about 2.2 months to sell all of the homes and condos currently for sale in central Ohio.

During the month of January, homes spent an average of 60 days on the market, which is 8 days shorter than the same month last year.

According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 100 percent of central Ohio REALTORS® describe the current housing market as moderate to strong. Compared to the previous year, 61 percent have seen a slight to significant increase in level of interest renters have in buying in central Ohio, 36 percent have seen no change in interest and 3 percent have seen a slight decrease in interest.

 

This article is courtesy of Columbus Realtors.

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