Existing home prices continue to climb
Central Ohio homes and condos continue to perform producing an increase in the average price of a home sold in central Ohio this year. The average price of a home sold central Ohio in August was $229,033, which is up 6.4% from a year ago. The median sales price was $195,000, up 7.4% from August 2017.
Across the country prices for existing homes were up 4.6% from a year ago in the National Association of REALTORS®’ latest housing report. The median home list price in August was up 7% from last year.
In contract sales (pending sales) dipped 6.7% in August from July, while closed sales rose 2.3% for the same period.
There were 3,249 homes and condos sold in August, which is 1.3% higher than July, yet 3.2% below August 2017.
Scarce supply of homes in some price points is still producing quicker sales, even though the number of pending sales has fallen Listings in the higher price points tend to take longer to sell. A smaller pool of buyers with more discerning requirements contributes to these longer marketing times.
Year to date (January through August 2018), homes listed under $200,000 sold in an average of 25 days. Homes sold between $200,000 and $500,000 took about 30 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 76 days, and homes over $700,000 were on the market for an average of 95 days.
The higher the price, the greater demand for sophisticated marketing to target a smaller buyer pool utilizing a more expansive network to secure the right buyer. This is where an experienced real estate professional is an invaluable resource.
It is important to acknowledge that real estate is local and marketing practices based on market knowledge must be specialized. Only REALTORS® have a true pulse on the needs and wants of the consumer.
There were 3,821 homes and condos added to the central Ohio market in August, a 1.6 percent increase over the same month a year ago although down 1.0% from July.
This brought inventory up to 5,429, an increase of 4.7% from July, although down slightly (.3%) from August 2017. This left central Ohio with a 2.0 months supply of inventory at the current sales pace.
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