Despite the cooling weather, there’s no reason to be scared of the Central Ohio real estate market this October. The numbers from September just came in, and it is clear that the market continues to be strong. Keep reading to geek out on all the charts and graphs.
Number Of Homes For Sale, Sold, Pending, & Newly Listed in Central Ohio
Homes For Sale in September 2017: 4271 units.
• ⬆️Up 0.6% compared to August 2017
• ⬇️Down 12.4% compared to September 2016
Homes Listed in September 2017: 2776 units.
• ⬇️Down 18.2% compared to August 2017
• ⬆️Up 0.7% compared to September 2016
Homes Closed in September 2017: 2523 units.
• ⬇️Down 18.4% compared to August 2017
• ⬇️Down 8.1% compared to September 2016
Homes Placed under Contract in September 2017: 2977 units.
• ⬇️Down 5.8% compared to August 2017
• ⬆️Up 24% compared to September 2016
Average Price Per Square Foot of Sold Homes in Central Ohio
The September 2017 Average Sold Price per Square Footage is Depreciating*
The Average Sold Price per Square Footage in September 2017 was $114.
• ⬇️Down 0.9% compared to August 2017
• ⬆️Up 5.6% compared to September 2016
*Based on 6 month trend – Appreciating/Depreciating/Neutral
Days On Market in Central Ohio
The Average Days On Market trend remained steady* for Central Ohio in September 2017.
Average Days On Market in September 2017 was 26.
• ⬆️Up 4% compared to August 2017
• ⬇️Down 16.1% compared to September 2016
September 2017 Sold/Original List Price Ratio is Falling*
The Sold/Original List Price % in September 2017: 97%
• 0% compared to August 2017
• 0% compared to September 2016
*Based on 6 month trend of Rising/Falling/Remains Steady
Home Price Trends in Central Ohio
The Median Sold Price began Depreciating* during September 2017 for Central Ohio.
Average Median Sold Price in September 2017: $185K
• ⬇️Down 4.1% compared to August 2017
• ⬆️Up 3.9% compared to September 2016
The Average For Sale Price in Central Ohio continued Depreciating* in September 2017.
Average For Sale Price in September 2017: $349K
• ⬇️Down 1.1% compared to August 2017
• ⬆️Up 9.1% compared to September 2016
The Average Sold Price in Central Ohio began Depreciating* in September 2017.
Average Sold Price in September 2017: $219K
• ⬇️Down 2.7% compared to August 2017
• ⬆️Up 3.8% compared to September 2016
*Based on 6 month trend of Appreciating/Depreciating/Neutral
Months Of Inventory in Central Ohio
It was a Seller’s market* in Central Ohio for September 2017.
Months of Inventory based on Closed Sales in September 2017: 1.7
• ⬆️Up 21.8% compared to August 2017
• ⬇️Down 5.6% compared to September 2016
*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 Ohio Absorption Rate
Absorption Rate based on Closed Sales in September 2017: 59.1
• ⬇️Down 18.8% compared to August 2017
• ⬆️Up 5% compared to September 2016
Bottom Line For Buyers and Sellers
Although the Central Ohio real estate market is overall ideal for sellers, market conditions vary by neighborhood and price point. In fact, my last blog post delved into the different market conditions between starter homes and luxury homes.
In general, though, buyers will need to come to the market with their finances in order and ready to make a strong offer, because competition for the best homes can be fierce. However, fall and winter are the best times to buy if you want a better deal, so now is a great time to look for a home.
Despite the Seller’s Market, home sellers can’t be slack if they want to sell quickly for top dollar. If you’re thinking about selling a home in the near future, use the Home Value Estimator and contact me for a personal home valuation. I can help you stage it for the winter season and price it appropriately.
Have A Question About This Report?
To ask a question about this report or the Central Ohio real estate market, please feel free to contact me, Realtor Rita Boswell, at 614-830-9767. I’m always happy to talk about Columbus real estate!
