Low inventory has been the big news item in real estate lately, and buyers certainly are seeing this in Columbus. However, July 2016 saw an 8.3% rise in Central Ohio homes for sale compared to June 2016. While this is down considerably from last year, it’s the highest level yet seen this year according to the July 2016 Central Ohio Housing Report from Columbus REALTORS®.
“The increase in homes for sale was good news for buyers given the inventory shortage we’ve been experiencing for the last couple years,” said 2016 Columbus REALTORS® President John Royer. “With such strong demand, we continue to encourage potential sellers to get their homes on the market.”
Central Ohio Real Estate Market July 2016
Homes are spending record low days on market. In July, homes spent an average of 33 days on market. This is 10 days less than last year, and is the lowest on record. The average DOM for this year is 47, which is also a record low and 19% faster than last year.
“Central Ohio homes are selling faster than they ever have before,” said Royer. “And as long as we have more buyers than sellers, we expect this robust market to continue.”
Average Sales Prices Continue To Climb
Due in large part to low inventory, July 2016 average sales prices in Central Ohio climbed to $213,809. That’s a 4.1% year over year increase.
“Investing in a home is one of the smartest decisions you can make and the increasing sales prices are a strong indication of local home values,” Royer said. “The central Ohio market is the shining star in the state of Ohio.”
Central Ohio Homes Sold Decreases
With shrinking inventory comes lower home sales. Only 3,070 homes and condos sold in Central Ohio during July 2016. That’s down 5.5% from June and 7.6% from last year.
Market Described As Strong In Central Ohio
Most Central Ohio REALTORS® (98%) would describe the housing market as moderate to strong. That’s according to the Housing Market Confidence Index by the Ohio Association of REALTORS®.
What affect are higher home prices having on home buyer interest? While one may think that buyer interest would decrease, 42% of Central OH REALTORS say they are seeing a slight to significant increase from consumers in buying a home. Twenty-three percent said they saw a significant to slight decrease, and thirty-five percent saw no change.
It’s A Great Time To Buy Or Sell
With a strong market in Central Ohio and low interest rates, it’s still a good time to invest in real estate.
If you’re thinking about selling, low inventory and increasing property values means you will likely do well and sell quickly. The first step will be to contact me, Rita Boswell, at (614) 547-3229 to find out the current value of your home.
For home buyers, it may be a challenge to find the right home, but that’s where I come in! I love helping buyers find their ideal home. Get in touch with me and we’ll talk about what you’re looking for in a Central Ohio home.