Central Ohio home sales still trending up
There were 2,377 homes and condos sold during the month of November in central Ohio, which represents a 3.2% increase over the same month a year ago, but a decline of 13.9% from October. This is the highest number of sales on record for the month of November, according to the Columbus REALTORS® Multiple Listing Service (MLS).
Headed into the end of the year, we’re on track for a historic record number of closed sales. Many buyers who missed out on purchases earlier in the year remain actively engaged in their home searches and its paying off for them!
Homes spent an average of 36 days on the market during the month of November, which is four days more than October, but six days fewer than November 2016.
The average sales price of a home during the month of November in central Ohio was $213,962, which is 7.6% more than the same month a year ago. The median sales price was $180,000, up 5.0% from a year ago.
Sales prices and home values remain strong here in Columbus and central Ohio and are a solid indicator that now is as good of a time as ever to put your home on the market.
There were 2,101 central Ohio homes and condos listed during the month of November, a 4.8% decline from November 2016 and 27.9% lower than the previous month.
This left inventory at 4,588 at the end of November, down 15.0% from November 2016. This marks the 82nd consecutive month of year over year declines in inventory.
While it’s typical for inventory levels to drop this time of year, demand remains strong in certain segments of the market and owners who are considering selling in 2018 are encouraged to contact us to discuss their home’s current market value and when will be the best time to list their home. Buyers are encouraged to buy, and Sellers are encouraged to take advantage of current market conditions and put their home on the market before mortgage interest rates begin to rise as they are expected to do in 2018!
Housing experts are revising their 2018 predictions to account for the continuation of scarce inventory and low mortgage rates, market conditions that only serve to increase values.
At the end of 2016, panelists projected a rise in home values averaging 2.97% for the year 2018. But they’ve adjusted their expectations, saying that vales should grow at a rate of 4.1% next year, falling between realtor.com’s 3.2% and the National Association of Realtor’s 5.5% forecasts.
Zillow senior economist Aaron Terrazas commented in a statement:
“Home building has not kept pace with this surge in demand and remains well below historical norms. We don’t expect that these demand-supply imbalances will fundamentally shift in 2018: Demand will continue to grow and, though supply should increase somewhat, we still won’t build enough new homes to meet this demand, contributing to higher prices.
“Higher mortgage rates will eat into buyers’ budgets, putting even more price pressure on the most affordable homes for sale. Unless there is a fundamental shift in the number and type of homes for sale, this is the new normal of the American housing market.”
When asked about their perceptions of the current housing market so far this year, 33 percent said it’s been better than anticipated, 65 percent said it’s been as good as anticipated and 2 percent said it’s been worse than anticipated.
Current housing report – November 2017
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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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