In February, I shared a news flash about the extremely low housing inventory in Central Ohio. Conditions do not appear to be improving based on the Months of Inventory for February. We see that Months Of Inventory in Central Ohio continued to drop. The market still needs listings.
While the number of days homes are on market is up slightly since last month, they are down by 21.3% since this time last year.
We see a similar trend for average price per square foot – down slightly at $104, but 3% higher than the same time last year.
Home sellers who follow best practices can expect their home to sell quickly. Home buyers will need to use resources such as my Weekender Report to get a jump on the best listings before they go under contract.
Want to know more? Let’s dig a little deeper into the latest Central OH Real Estate Market Report shall we…
Number of Home For Sale/Sold/Pending/New Listing in Central OH
Homes For Sale in February 2017: 3139 units.
- Down 5.7% compared to the last month
- Down 24.4% compared to the last year
Homes Closed in February 2017: 1537 units.
- Up 2.3% compared to the last month
- Down 0.3% compared to the last year
Homes Placed under Contract in February 2017: 2657 units.
- Up 30.4% compared to the last month
- Up 22.1% 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
Average Price Per Square Foot on Homes Sold in Central Ohio in February 2017
February 2017 Average Sold Price per Square Footage is Depreciating*
The average Price per Square Foot for Sold homes in February 2017: $104
- Down 1% compared to the last month
- Up 3% compared to the last year
*Based on 6 month trend – Appreciating/Depreciating/Neutral
Average DOM & SP/OrigLP% in Central OH for February 2017
February 2017 Average Days on Market trend is Rising*
The average Days on Market in February 2017: 48
- Up 2.1% compared to the last month
- Down 21.3% compared to the last year
February 2017 Sold/Original List Price Ratio Remains Steady*
Sold/Original List Price % in February 2017: 96%
- Up 1.1% compared to the last month
- Up 2.1% compared to the last year
*Based on 6 month trend – Rising/Falling/Remains Steady
Average Prices & Median Prices in Central Ohio for February 2017
February 2017 Median Sold Price is Neutral*
The average Median Sold Price in February 2017: $168
- Up 1.2% compared to the last month
- Up 5.7% compared to the last year
February 2017 Average For Sale Price is Appreciating*
Average For Sale Price (in thousand) in February 2017: $341
- Up 7.2% compared to the last month
- Up 25.8% compared to the last year
February 2017 Average Sold Price is Depreciating*
Average Sold Price (in thousand) in February 2017: $197
- Down 2.5% compared to the last month
- Up 2.6% compared to the last year
*Based on 6 month trend – Appreciating/Depreciating/Neutral
Median Price vs. Months of Inventory in Central OH
February 2017 was a Seller’s market.*
Months of Inventory based on Closed Sales in February 2017: 2
- Down 9% compared to the last month
- Down 26% 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
Have a Question About This Report?
If you have a question about this month’s Central Ohio Real Estate Market Update, I would love to help. Contact me, REALTOR® Rita Boswell at 614-830-9767.
Whether you’re buying or selling a home in Central Ohio, it helps to know how the market is doing. It is my pleasure to help you keep up with the latest real estate market conditions in the Columbus area.
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