The trend of low housing inventory and rising prices continues across the nation. Let’s take a look at the real estate market for Central Ohio. Continue reading to see the latest numbers through May 2017.

Central OH Homes For Sale, Sold, Pending, & Just Listed

Homes For Sale in May 2017: 3365 units.
?Up 4.1% compared to the last month
?Down 20.5% compared to the last year

Homes Listed in May 2017: 3692 units.
?Up 12.1% compared to the last month
?Up 2.4% compared to the last year

Homes Closed in May 2017: 2867 units.
?Up 22.1% compared to the last month
?Down 4.1% compared to the last year

Homes Placed under Contract in May 2017: 3886 units.
?Up 26.6% compared to the last month
?Up 25.7% compared to the last year

Central OH Real Estate Listings for Sale/Sold/Pending/Just Listed
Click charts to view full size.

Central OH Average Sold Price

May 2017 Average Sold Price per Square Footage is Appreciating*

Average Sold Price per Square Footage in May 2017: $117
?Up 3.5% compared to the last month
?Up 8.3% compared to the last year

*Based on 6 month trend – Appreciating/Depreciating/Neutral
Central OH Average Price Per Square Foot in May 2017


Average Days On Market in Central Ohio

May 2017 Average Days on Market trend is Falling*

Average Days on Market in May 2017: 28
?Down 24.3% compared to the last month
?Down 33.3% compared to the last year

May 2017 Sold/Original List Price Ratio is Rising*

Sold/Original List Price % in May 2017: 98%
?Up 1% compared to the last month
?Up 1% compared to the last year

*Based on 6 month trend – Rising/Falling/Remains Steady

Central OH DOM May 2017


Average Price For Sale & Sold in Central OH

May 2017 Median Sold Price is Appreciating*

Average Median Sold Price in May 2017: $199
?Up 7.6% compared to the last month
?Up 8.7% compared to the last year

May 2017 Average For Sale Price is Appreciating*

Average For Sale Price (in thousand) in May 2017: $383
?Up 3.5% compared to the last month
?Up 17.8% compared to the last year

May 2017 Average Sold Price is Appreciating*

Average Sold Price (in thousand) in May 2017: $236
?Up 6.8% compared to the last month
?Up 8.8% compared to the last year

*Based on 6 month trend – Appreciating/Depreciating/Neutral

Central OH Home For Sale/Sold Price May 2017


Months Of Inventory in Central Ohio

May 2017 was a Seller’s market*

Months of Inventory based on Closed Sales in May 2017: 1.2
?Down 14.5% compared to the last month
?Down 14.1% compared to the last year

*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

Central OH Months Of Housing Inventory May 2017


Key Takeaways For Central Ohio Buyers & Sellers

We’re seeing the lowest Days On Market and lowest Months Of Inventory on record (since Dec ’02).

However, this report with averages for the whole of Central Ohio isn’t telling us something very important: Higher Priced homes are in a neutral or even a buyers market.

That’s why current market conditions are ideal for move up buyers.

If you have a home that’s under $300k, you’re more likely to sell quickly as there is high demand for homes in this price range. You will likely have more choices of higher priced homes, or you may want to consider new construction homes for sale.

Sellers in the $300k-$400k-plus range will need to keep in mind that there is more inventory in this price point. In fact, Central Ohio homes for sale priced over $400k were on the market for an average of 63 days in May, and there is a 3.6 month supply of homes in this price range. When we compare that to the overall market average of 28 days on market and 1.2 months of inventory, we see the difference clearly.

In this market, it’s more important than ever to work with a Central Ohio real estate expert.

Buyers, you need an advocate who can help you navigate this competitive market.

Sellers, you need someone with experience preparing homes for market who will work hard to get your home sold.

Whether you’re buying or selling, I’m here to help. Contact me, REALTOR® Rita Boswell, at 614-547-3229 today.

 

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