Oh the weather outside is frightful, but the market’s still delightful…
November’s numbers are in, and despite the winter weather and holiday season, it is still a seller’s market in Central Ohio!
Let’s take a look at what the Central Ohio real estate market did in November.
Central Ohio Homes For Sale, Sold, Pending, and Newly Listed in November 2017
The number of homes for sale moved down to 3511 units.
• 🔻Down 11.3% compared to Oct 2017
• 🔻Down 17.8% compared to Nov 2016
There were only 1903 homes listed for sale in November.
• 🔻Down 29.8% compared to Oct 2017
• 🔻Down 7.4% compared to Nov 2016
The number of homes Closed in November 2017 was 2092 units.
• 🔻Down 19.6% compared to Oct 2017
• 🔻Down 1.5% compared to Nov 2016
The number of homes placed under contract in November 2017 was 2487 units.
• 🔻Down 6.7% compared to last month
• 🔺Up 20% compared to last year
Average Price Per Square Foot for Homes Sold in Central Ohio
The Average Sold Price per Square Foot in Central Ohio was $113 in November 2017.
• 🔻Down 1.7% compared to October 2017
• 🔺Up 9.3% compared to November 2016
Average Days On Market For Homes Sold in Central Ohio
The Average Days on Market for homes sold in Central Ohio in November 2017 was 33 days.
• 🔺Up 13.8% compared to October 2017
• 🔻Down 13.2% compared to November 2016
The November 2017 Sold/Original List Price Ratio is Falling* at 96%.
• 0% compared to October 2017
• 0% compared to November 2016
*Based on 6 month trend – Rising/Falling/Remains Steady
Average Prices & Median Prices for Central Ohio Real Estate
The November 2017 Median Sold Price moved up slightly to $192k.
• 🔺Up 1.1% compared to October 2017
• 🔺Up 7.3% compared to November 2016
November’s Average For Sale Price depreciated* to $346k
• 0% compared to October 2017
• 🔺Up 10.2% compared to November 2016
The November 2017 Average Sold Price remained Neutral* at $224k.
• 0% compared to last month
• 🔺Up 8.7% compared to last year
*Based on 6 month trend – Appreciating/Depreciating/Neutral
Months Of Inventory Based on Closed Sales in Central Ohio
With Months of Inventory at only 1.7, November 2017 remains firmly in a Seller’s market*
• 🔺Up 13.1% compared to October 2017
• 🔻Down 14.9% compared to November 2016
*Buyer’s market: more than 6 months of inventory based on closed sales
Seller’s market: less than 3 months of inventory based on closed sales
Neutral market: 3 – 6 months of inventory based on closed sales
Absorption Rate Based On Closed Sales in Central Ohio
In addition to the Months of Inventory above, we can also see from the Absorption Rate of 59.6 that Central Ohio is still in a Seller’s market*
• 🔻Down 9.3% compared to October 2017
• 🔺Up 19.9% compared to November 2016
*Buyer’s market: 16.67% and below based on closed sales
Seller’s market: 33.33% and above based on closed sales
Neutral market: 16.67% – 33.33% based on closed sales
All Central OH Real Estate Data Chart – November 2017
Use this chart to track all Central Ohio real estate metrics from September 2016 through November 2017.
What This Report Means For You
I feel like I’ve been saying this all year, but buyers continue to struggle thanks to low inventory. If you’re thinking about buying a home, you MUST be ready to make a strong offer when you find the right home. For this reason, it is imperative that you are pre-approved and have help from an expert to navigate this sellers market. Now is the time to “get your ducks in a row” if you intend to buy a home in 2018.
If you’re thinking about selling a home, keep in mind that while Central Ohio as a whole is experiencing a seller’s market, some neighborhoods and price points are in a Buyer’s Market. If you’re selling a higher end home or are in a neighborhood with several other homes for sale, we may need to use a strategy for buyer’s market conditions. I can help you with market conditions specific to your home, and I can tell you what we will need to do in order to sell your home as quickly as possible for as much money as possible.
Central OH Real Estate Outlook in 2018
As we wrap up the year, projections are coming in for 2018. Analysts are expecting home prices in 2018 to rise even higher than originally projected.
We have been experiencing the perfect recipe for home value growth – low mortgage rates and constricted supply. This trend is expected to continue, as home builders will likely face the same issues in 2018 that they did in 2017.
A recent RISmedia report showed that experts are expecting a 4.1% hike in home prices in 2018. That’s up from their 3% projection a year ago.
This is fantastic if you’re thinking about selling your home in the new year!
* All reports are published December 2017, based on data available at the end of November 2017. All reports presented are based on data supplied by the Columbus Board of Realtors or its MLS. Neither the Association nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
This Central Ohio Real Estate Market report includes data for all Central Ohio counties: Franklin, Delaware, Fairfield, Licking, Madison, Pickaway, and Union
For a neighborhood specific market report, please contact me, Rita Boswell at 614-547-3229.