January’s real estate market numbers are out for the Columbus area! Are we still in a Seller’s Market? What are the current trends? How quickly are homes selling? Let’s dig in to the data to find out! Read more to get the latest Central Ohio real estate market information complete with charts and graphs.
- Central Ohio Homes For Sale, Sold, Pending, & Newly Listed in January 2018
- Average Price Per Square Foot for Homes Sold Through January 2018
- Days On Market & List Price Ratio
- Average & Median Home Prices in Central Ohio
- Months Of Inventory in Central Ohio
- Absorption Rate in Central Ohio
- What This Real Estate Market Report Means For Sellers
- What This Real Estate Market Report Means For Buyers
Central Ohio Homes For Sale, Sold, Pending, & Newly Listed in January 2018
Homes For Sale in January 2018: 2484 units.
- 🔻Down 17.6% compared to December 2017
- 🔻Down 25.4% compared to January 2017
Homes Listed in January 2018: 1744 units.
- 🔺Up 25.3% compared to December 2017
- 🔻Down 13% compared to January 2017
Homes Closed in January 2018: 1463 units.
- 🔻Down 32.2% compared to December 2017
- 🔻Down 3.5% compared to January 2017
Homes Placed Under Contract in January 2018: 2232 units.
- 🔺Up 30.6% compared to December 2017
- 🔺Up 18% compared to January 2017
Average Price Per Square Foot for Homes Sold Through January 2018
January 2018 Average Sold Price per Square Footage was Depreciating* in Central Ohio.
Average Sold Price per Square Foot in January 2018: $112
- 🔻Down 3.4% compared to December 2017
- 🔺Up 5.7% compared to January 2017
*Based on 6 month trend – Appreciating/Depreciating/Neutral
Days On Market & List Price Ratio
January 2018 Average Days on Market trend was Rising*
Average Days on Market in January 2018: 41
- 🔺Up 20.6% compared to December 2017
- 🔻Down 12.8% compared to January 2017
January 2018 Sold/Original List Price Ratio was Falling*
Sold/Original List Price % in January 2018: 96%
- 0% compared to December 2017
- 🔺Up 1.1% compared to January 2017
*Based on 6 month trend – Rising/Falling/Remains Steady
Average & Median Home Prices in Central Ohio
January 2018 Median Sold Price was Depreciating*
Average Median Sold Price in January 2018: $180k
- 🔻Down 7.7% compared to December 2017
- 🔺Up 8.4% compared to January 2017
January 2018 Average For Sale Price was Appreciating*
Average For Sale Price in January 2018: $376k
- 🔺Up 7.4% compared to December 2017
- 🔺Up 18.2% compared to January 2017
January 2018 Average Sold Price was Depreciating*
Average Sold Price in January 2018: $215k
- 🔻Down 3.6% compared to December 2017
- 🔺Up 6.4% compared to January 2017
*Based on 6 month trend – Appreciating/Depreciating/Neutral
Months Of Inventory in Central Ohio
January 2018 was again a Seller’s market*
Months of Inventory based on Closed Sales in January 2018: 1.7
- 🔺Up 21.5% compared to December 2017
- 🔻Down 22.8% compared to January 2017
*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 in Central Ohio
January 2018 was a Seller’s market*
Absorption Rate based on Closed Sales in January 2018: 58.9
- 🔻Down 17.7% compared to December 2017
- 🔺Up 29.2% compared to January 2017
*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
What This Real Estate Market Report Means For Sellers
Homeowners thinking about selling their home still have the upper hand. Keep in mind that this report is for the whole Central Ohio area. Market conditions vary by neighborhood and price range. Sellers need to check with a real estate expert to get market data specifically for their neighborhood and price point.
As we’ve been saying, the current real estate market favors people moving up. If you’re selling a lower priced home, you will likely sell quickly due to limited inventory. There are more homes to choose from in higher price ranges, so you may not have to deal with low inventory as a buyer yourself.
Now is the time to get your home ready to sell. Start getting repairs and updates done to be ready to list in the fast-approaching spring/summer. Before you do anything, though, talk with a real estate professional to make sure you do the right repairs and updates to get the most bang for your buck when you sell.
What This Real Estate Market Report Means For Buyers
Home buyers took advantage of lower prices and longer days on market in January. Buyers should continue to take advantage of the seasonal slow down while it lasts. The spring home buying frenzy will probably start earlier this year than in past years due to pent up demand.
As of this writing in mid-February, new listings are up by more than 45%. Hopefully this is giving house hunters this year more listings to choose from right now. Though inventory is still considerably lower than normal.
Due to the limited number of existing homes for sale, many home buyers are frustrated and more are considering new construction homes for sale.
If you’ve been looking for the perfect house for awhile and you’ve started considering new homes, contact Rita Boswell at 614-830-9767. Rita can tell you more about new build opportunities near you and about the process of buying a new construction home.
