The median list price of new listings for central Ohio homes and condos during the month of April was $199,950, an 8.1 percent increase over April 2016 and a 1.0% increase from March. This is a new record high according to the Columbus REALTORS® Multiple Listing Service.
Prospective buyers poured into the market to start the year, and while their increased presence led to a boost in sales, new listings failed to keep up and continue to hover around record lows. Those able to successfully buy most likely had to outbid others especially for those in the starter home market which, in turn, quickened price growth to the fastest quarterly pace in almost two years.
In short, we continue to see increased buyer presence which is fueling home price escalation. With this kind of demand, some homes are even selling above their asking price especially those in the market segments with the lowest inventory levels.
Nationally the story was much the same as home prices continue to escalate, charging upward 6.9% in the first quarter of 2017, according to the latest quarterly report by the National Association of REALTORS®. The increase, stoked by the strongest quarterly sales pace in a decade, marks three straight quarters of growth.
Single-family home prices went up in 85% of the markets assessed, or 152 of 178 metropolitan statistical areas (MSAs). Seventeen percent of, or 30, metro areas saw prices up by double digits. At the national level, the median existing single-family home price was $232,100, and the median existing condominium price was $218,600.
There were 3,543 central Ohio homes and condos added to the market in April, which is a 5.1% increase over March, although a 10% decline over the same month a year ago.
This left inventory at 4,338 which was almost 3% higher than the previous month, but is still just over 19% lower than a year ago and has fallen year-over-year for 75 straight months. Unsold inventory is at a 1.6-month supply at the current sales pace (unchanged from the last three months).
The 2,479 central Ohio homes and condos sold during the month of April slipped 2.1% from the previous month, and 10.9% from April 2016.
Last month marked the first dip in home sales in nine months,. There’s no doubt whatsoever that the number of home sales would have been higher had we had more inventory.
Homes spent an average of 40 days on the market in April, which is 6 days fewer than March and 12 days less than April 2016.
The averages sale price of a home in April was $215,246, an increase of 7.1% over the same month a year ago and 5.6% above March.
If you’ve considered putting your home on the market, now is the time to do so as the warmer temperatures and longer daylight hours stimulate even greater buyer activity.
Current housing report – April 2017
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