Central Ohio housing market shattered records in July
The Central OH housing market continued it’s stellar performance in July once again setting new records for the volume of home sales, prices and the time to sell a home. The 3,208 home sales last month were up 1.9% over the previous month and up 11.7% from July of 2014. This also set a record high for any single month of home sales in any year.
Year to date home sales (January through July 2015) were 17,110 which was up 9.7% compared to the same period last year and the highest on record for the first seven months of any year.
According to an analysis done by Realtor.com, Central Ohio was one of the nation’s 20 hottest real-estate markets in July.
The real estate listing website bases its rankings on the number of times listings are viewed and the average days on market. The hottest markets receive 1.5 to three times the number of views per listing compared to the rest of the nation, and inventory moves 24 to 41 days faster.
Eleven of the nation’s 20 hottest markets were in California, led by the San Francisco area. Rounding out the Top 5: Denver; Dallas; Vallejo, Calif.; and Santa Rosa, Calif.
But demand remains high for both single family homes and condos in central Ohio, and we continue to have buyers ready and waiting for new listings to hit the market. When a properly priced, well maintained home comes on the market, buyers are wasting little time.
During the month of July, homes spent an average of just 43 days on the market (from listing to contract), which is down from 55 days one year ago and again, a record low for any month.
The average home sale price this year (January through July) was $193,164, up 5.6% from one year ago and the highest on record for this time period. July home prices averaged $206,691, up 3.9% from July of 2014 and yet another record high for any single month of any year.
At the end of July, there were 7,919 residential homes and condos for sale in central Ohio. Although this is 17.9% fewer than the number for sale in July of 2014 (9,644), it represents the highest level of inventory yet in 2015.
Given the number of homes that were in contract at the end of July, we expect to see strong home sales again in August. In addition we still have many families who failed to located homes this summer who are wanting to make a move before the school year gets too far underway.
We feel strongly that numbers matter – they guide our buying, selling and investing decisions and how we advise our clients to do the same.
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 New Albany 43054 Pickerington Powell 43065 Upper Arlington 43220 43221 Westerville 43081 43082 Worthington 43235