Central Ohio Housing Inventory at Record Lows
Central Ohio housing inventory continued to decrease during the month of January to 3,410, which is 12% below December and 21.2% less than January 2017. This left central Ohio with a 1.2 months supply of inventory at the current sales pace and the 84th consecutive month of year over year declines in inventory, according to the Columbus REALTORS® Multiple Listing Service.
There were 1,928 central Ohio homes and condos listed during the month of January, an increase of 29.1% from December although 11.9% lower than the same month a year ago.
Inventory remains at record lows here in central Ohio. Just when you think the number of homes for sale couldn’t possibly go any lower – it does. Sellers should realize there’s no reason to wait until the spring to list their home – we have buyers anxious to buy homes now!
Pent-up buyer demand remains high plus there is additional demand created by Central Ohio’s population growth. Lack of inventory is most acute in the affordable price ranges, which is largely to blame for the low vacancies rates in the rental market despite extremely elevated rates of rental construction. This is turn continues to drive rental prices higher.
Sellers in any location should not simply rely on seller’s market conditions to sell their home as has been the case with increasing numbers of homeowners attempting to sell their home’s for sale by owner. It’s still important to hire an experienced real estate agent to assist you in the listing and sale of your home. It’s also important that you prepare your home so that it shows well, and it’s especially important to price a home correctly. A home that’s overpriced rather than listed at true market value can discourage buyers from even viewing the property, especially during the crucial two-week period following listing. Of course, an overpriced home with a contract is at risk of running afoul of appraisal issues, which can create nightmares for everyone involved.
There were 1,635 homes and condos sold during the month of January, which is down 1.1% from January 2017, a decrease entirely attributable to reduced inventory levels rather than decreased buyer activity and demand.
The average sales price of a home during the month of January in central Ohio was $205,779, which is 5.8% higher than the same month a year ago. The median sales price was $172,500, up 7.8% from a year ago.
Strong home prices continue to be a theme in central Ohio and home sales would be even higher if we had more inventory of available homes listed for sale.
Homes spent an average of 44 days on the market during the month of January, which is 6 days more than December, although 6 days fewer than January 2017.
While there is a nationwide inventory shortage in aggregate, Columbus Ohio sellers are bolstered by the city’s strong economy and growing population; elements that are not enjoyed everywhere in our state or certainly our country. Central Ohio’s median home price has been on a sharp upward trajectory for several years. I believe prices are going to continue rising, but not at such a sharp pace this as interest rates begin to rise which should serve to put some downward pressure on demand, subject to the level of these increases. Sales are likely to continue to slow due in large part to inventory challenges and also to what I suspect is a new expectation of “staying put” rather than “moving up” or delayed “downsizing” among owners. In either case prices will continue to rise and homeowners who are also considering purchasing would be wise to do so sooner rather than later so as to take advantage of low mortgage interest rates while they last!
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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