Columbus Housing Market Report – March 2017

Homes continue to sell quickly

There were 2,531 central Ohio homes and condos sold during the month of March, a solid 50.8% increase over February and a 3.9% increase over the same month a year ago.

This was the highest number of home sales on record for the month of March as well as the highest sales for the 1st quarter according to the Columbus REALTORS® Multiple Listing Service.

The record home sales that we’re seeing is a direct reflection of the strong job growth here locally as well as low interest rates for mortgages. Home sales could have been even stronger, but inventory continues to be a significant limiting factor.

There were 3,372 central Ohio homes and condos added to the market in March, which is a 4.1% decrease from March 2016 and the lowest number of new listings recorded for the month of March, when inventory traditionally begins to climb.

We keep thinking the inventory couldn’t get any lower – but it continues to decline. Even with the addition of new listings, inventory dropped to just over 4,200 at the end of March making it the 74th straight month of year over year decreases.

During the month of March, central Ohio homes and condos spent an average of 46 days on the market, which is 6 days fewer than February and 13 days less than March 2016.

The averages sale price of a home in March was $203,924, up 6.8% from one year ago and 7% from February. The median sales price was $170,000 a 4.3% over March 2016.

The tight supply of homes for-sale continues to drive prices upward. Homeowners who are contemplating a move, be it upsizing, downsizing, relocating, etc. should give serious consideration to taking advantage of this market and selling under these optimum conditions.

While many owners are electing not to list and sell their current homes out of concern for finding a home to purchase and timing their transactions we have a solutions to this problem and it doesn’t include a costly bridge loan and in fact our solution will likely net you more from the sale of your current home! If you are one of these owners call us today to learn how we can assist you in locating a home to buy before you sell, and possibly a buyer in place to purchase your home once we’ve identified your new home!

Current housing report – March 2017

All housing reports

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley 43209 Columbus 43201 43206 43214 43215 Delaware 43015 Dublin 43016 43017 Gahanna 43219 43230 Grandview Heights 43212 Hilliard 43026 Lewis Center 43035 Marysville 43040 43041 New Albany 43054 Pickerington 43147 Powell 43065 Upper Arlington 43220 43221 Westerville 43081 43082 Worthington 43235

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