MarchĀ real estate numbers just came in for Central OH!
How quickly are homes selling? Is it still a seller’s market? Where are prices headed? Does the housing market still need inventory? Let’s take a closer look at the latest data to answer these questions and more:
Number Of Homes For Sale/Sold/Pending/Listed
Homes For Sale in March 2017: 3102 units.
- Down 1.2% compared to the last month
- Down 22.2% compared to the last year
Homes Listed in March 2017: 3109 units.
- Up 33.3% compared to the last month
- Down 3.9% compared to the last year
Homes Closed in March 2017: 2261 units.
- Up 39.7% compared to the last month
- Down 0.3% compared to the last year
Homes Placed under Contract in March 2017: 3493 units.
- Up 56.6% compared to the last month
- Up 26.7% 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
March 2017 Average Sold Price per Square Footage is Neutral*
Average Sold Price per Square Footage in March 2017: $110
- Up 4.8% compared to the last month
- Up 7.8% compared to the last year
*Based on 6 month trend – Appreciating/Depreciating/Neutral
Average Days On Market in Central OH
March 2017 Average Days on Market trend Remains Steady*
Average Days on Market in March 2017: 41
- Down 14.6% compared to the last month
- Down 29.3% compared to the last year
March 2017 Sold/Original List Price Ratio Remains Steady*
Sold/Original List Price % in March 2017: 97%
- Up 1% compared to the last month
- Up 1% compared to the last year
*Based on 6 month trend – Rising/Falling/Remains Steady
Average Prices In Central OH
March 2017 Median Sold Price is Neutral*
Average Median Sold Price in March 2017: $175k
- Up 4.2% compared to the last month
- Up 4.8% compared to the last year
March 2017 Average For Sale Price is Appreciating*
Average For Sale Price (in thousand) in March 2017: $361k
- Up 5.9% compared to the last month
- Up 23.6% compared to the last year
March 2017 Average Sold Price is Neutral*
Average Sold Price (in thousand) in March 2017: $210k
- Up 6.1% compared to the last month
- Up 7.1% compared to the last year
*Based on 6 month trend – Appreciating/Depreciating/Neutral
Months Of Inventory in Central OH
March 2017 is a Seller’s market*
Months of Inventory based on Closed Sales in March 2017: 1.4
- Down 25.8% compared to the last month
- Down 22.7% 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 Market Report Wrap Up
As we see above, it is still a Seller’s Market in Central Ohio, sinceĀ Months Of Inventory is only at 1.4. The number of Pending homes (homes that went under contract) in February went up, and the average number of days homes were on the market went down, especially when compared to last year.
What This Means For You
Home Sellers: Homes that areĀ properly prepared,Ā priced, and marketed are selling quickly with multiple offers. Have a plan in place for selling and buying at the same time.
Home Buyers: Expect heavy competition for the best homes. Depending on your price point, you may find yourself in a multiple offer situation. Be prepared by getting pre-approved. Think about what criteria you are willing to adjust in order to find a home that fits your needs.
Have A Question? Let’s Chat!
There’s a lot of information in this report. If you have a question about the report, or the Columbus real estate market in general, feel free to contact me, REALTORĀ® Rita Boswell, at 614-830-9767. I am always happy to answer questions about local real estate.
