Home prices setting records in central Ohio
Across the nation existing-home sales bloomed in May, with the median days on market at a new low and the median sales price at a new high.
The job market in most of the country is healthy and the recent downward trend in mortgage rates continues to keep buyer interest at a robust level, says Lawrence Yun, chief economist at NAR. Those able to close on a home last month are probably feeling both happy and relieved. Listings in the lower tier range ($100,000-$250,000) are scarce, homes are coming off the market at an extremely fast pace and the prevalence of multiple offers in some markets are pushing prices higher.
Locally the average sales price of home during the month of May in central Ohio was $227,783, which is 8.0% higher than one year ago (May 2016). Year to date (January through May 2017), the average sale price of a home in central Ohio is $209,217, which is 6.3% higher than the same period in 2016. These home prices are setting records according to the Columbus REALTORST® Multiple Listing Service (MLS).
These are the highest sales prices we’ve ever seen in central Ohio, said 2017 Columbus REALTORS® President Mic Gordon. Home values continue to soar and now is a better time than ever to put your home on the market if you’re considering selling.
There were 4,051 central Ohio homes and condos added to the market in May, which is a 14.3% gain over the previous month and 4.8% greater than May 2016.
Even with the added listings, inventory (4,606) was still 18% lower than the number of homes for sale a year ago, leaving central Ohio with a 1.7 months supply at the current sales pace (meaning that if not additional homes were listed it would take just 1.7 months to sell off the existing inventory).
The Columbus and Central Ohio Real Estate Market is out performing much of the rest of the country where Inventory is currently at a 4.2-month supply. Existing homes across the nation averaged 27 days on market in May, two fewer days than in April and five fewer days than one year prior. All told, 55 percent of homes sold in May were on the market for less than one month. This translates to a convenient sales process, rather than a drawn out process consisting of months of showings to locate a buyer for your home.
While many homeowners 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 solution 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!
It’s incredibly positive that new listings are increasing, however inventory continues to remain near record lows. We’ve seen inventory drop year-over-year for 76 straight months now.
There were 3,177 central Ohio homes and condos sold during the month of May, which is 28.2% greater than the previous month although a slight dip of 0.8% from May 2016.
Homes spent an average of 33 days on the market in May, which is 12 days fewer than the previous year and 7 days less than April. This is a new record low for the central Ohio housing market.
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!
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