The Holidays may be right around the corner, but the real estate market in the Columbus area remains strong! I’ve got the latest real estate market data through October 2017, and it’s still a Seller’s Market in Central Ohio.
Things will slow down a bit due to the season. We are beginning to see the shift, but it isn’t as pronounced as past years.
Let’s take a closer look at the real estate market in Central Ohio.
Central OH Homes For Sale, Sold, Pending, and Newly Listed in October 2017
The number of Central Ohio homes for sale in October 2017 was 3959 units.
- ⬇️Down 7.5% compared to September 2017
- ⬇️Down 15.5% compared to October 2016
The number of Central Ohio homes listed for sale in October 2017 was 2692 units.
- ⬇️Down 4.6% compared to September 2017
- ⬆️Up 3.6% compared to October 2016
The number of homes closed in Central Ohio in October 2017 was 2489 units.
- ⬇️Down 6.6% compared to September 2017
- ⬆️Up 1.9% compared to October 2016
The number of homes placed under contract in Central Ohio in October 2017 was 3082 units.
- ⬆️Up 18.8% compared to September 2017
- ⬆️Up 30% compared to October 2016
Central Ohio Average Price Per Square Foot in October 2017
The October 2017 Average Sold Price Per Square Foot in Central Ohio is Neutral*.
The average price per square foot in Central Ohio: $116
- ⬆️Up 1.8% compared to September 2017
- ⬆️Up 7.4% compared to October 2016
*Based on 6 month trend – Appreciating/Depreciating/Neutral
Central Ohio Days On Market in October 2017
The Average Days On Market trend in the Columbus area remains Steady.*
In October 2017, homes spent an average of 29 days on the market in Central Ohio.
- ⬆️Up 11.5% compared to September 2017
- ⬇️Down 14.7% compared to October 2016
The Sold/Original List Price Ratio is Falling* in Central Ohio at 96%.
- ⬇️Down 1% compared to September 2017
- Unchanged compared to October last year.
*Based on 6 month trend – Rising/Falling/Remains Steady
Central Ohio Home Prices in October 2017
The Average Median Sold Price in October remained Neutral* for Central Ohio at $190,000.
- ⬆️Up 2.7% compared to September 2017
- ⬆️Up 9.2% compared to October 2016
The Average For Sale Price continued Depreciating* in October 2017 for Central Ohio at $346,000.
- ⬇️Down 0.9% compared to September 2017
- ⬆️Up 9.5% compared to October 2016
The Average Sold Price was Neutral* in Central Ohio in October 2017 at $225,000.
- ⬆️Up 2.7% compared to September 2017
- ⬆️Up 8.2% compared to October 2016
*Based on 6 month trend – Appreciating/Depreciating/Neutral
Central Ohio Months Of Inventory
The Months of Inventory based on closed sales was 1.6 in October 2017.
- Unchanged from last month.
- ⬇️Down 15.6% compared to October 2016.
When there are less than 3 months of inventory, it is considered a Seller’s Market.
Central Ohio Absorption Rate
The Absorption Rate based on closed sales in October 2017 was 62.9.
- ⬆️Up 0.8% compared to September 2017
- ⬆️Up 20.7% compared to October 2016
All Central Ohio Real Estate Data Chart Through October 2017
Break Down For Home Buyers & Sellers
Even within a Seller’s Market, conditions vary by neighborhood and price point. Whether you’re buying or selling you will still benefit from the knowledge and expertise of a Columbus real estate expert.
Generally, buyers will need to remember that despite cooler weather and the potential for a better deal, competition for the best homes will still be hot. Home buyers need to be prepared to make a strong offer when the right house hits the market.
Even though it is a Seller’s Market, it’s also the Holiday season. If you’re thinking about selling a home during this time of year, it will help to stage it for the winter season. Pricing a home correctly is more important than ever during the winter. There will be fewer buyers during this time of year, and less time for them to see homes due to shorter days and being busy. If your home is priced too high, it may sit all winter and early spring buyers will see it as an opportunity to write low-ball offers.
Have A Question?
Contact me, Columbus Realtor Rita Boswell at 614-830-9767. I’m always happy to “talk turkey” about real estate!
