Is it spring yet? Even though Old Man Winter won’t leave us alone, the housing market in Central Ohio is not waiting for the weather to match the season.
Our already hot market got even hotter in March, with inventory moving back down and prices moving back up.
Keep reading for our days on market, average and median pricing, months of inventory, and lots more.
- 🏘️Central OH Homes For Sale, Newly Listed, Sold, & Pending
- 📏Average Price Per Square Foot in Central Ohio
- 📉Days On Market in Columbus
- 💲Average & Median Home Prices in Columbus Ohio
- 📅Columbus Ohio Months of Inventory
- 📈Absorption Rate in the Columbus Area
- Bottom Line For Columbus Home Sellers
- Bottom Line For Home Buyers in Columbus
🏘️Central OH Homes For Sale, Newly Listed, Sold, & Pending
As we see below, the number of homes for sale and listed both rose. However, the number of homes that closed and that were placed under contract rose considerably more.
The number of Homes For Sale in March 2018 increased to 2534 units.
• ⬆Up 7.6% compared to February 2018
• ⬇Down 18.3% compared to March 2017
The number of Homes Listed in March 2018 rose to 3083 units.
• ⬆Up 43.1% compared to February 2018
• ⬇Down 1.6% compared to March 2017
The number of Homes Closed in March 2018 moved up to 2113 units.
• ⬆Up 32.1% compared to February 2018
• ⬇Down 12.6% compared to March 2017
The number of Homes Placed Under Contract in March 2018 jumped up to 3221 units.
• ⬆Up 58.1% compared to February 2018
• ⬆Up 14.8% compared to March 2017
📏Average Price Per Square Foot in Central Ohio
The Average Sold Price per Square Footage is Appreciating* in the Columbus area and is up to $119.
• ⬆Up 4.4% compared to February 2018
• ⬆Up 9.2% compared to March 2017
*Based on 6 month trend – Appreciating/Depreciating/Neutral
📉Days On Market in Columbus
The average Days On Market has moved down and will likely continue. As of this writing in mid-April 2018, the Days On Market is at 30 days. Keep in mind that this is the average. Higher priced homes are spending much longer on the market, while homes priced under $300k are getting snapped up as soon as they are listed.
The Average Days on Market number for March 2018 was 37 days. That’s…
• ⬇Down 11.9% compared to February 2018
• ⬇Down 9.8% compared to March 2017
The Sold/Original List Price Ratio Remained Steady* in March 2018 at 97%.
• ⬆Up 1% compared to February 2018
• 0% compared to March 2017
*Based on 6 month trend – Rising/Falling/Remains Steady
💲Average & Median Home Prices in Columbus Ohio
The Median Sold Price remained Neutral* in March 2018 at $195k.
• ⬆Up 6.6% compared to February 2018
• ⬆Up 11.4% compared to March 2017
The Average For Sale Price was also Neutral* in March at $392k.
• ⬇Down 1% compared to February 2018
• ⬆Up 8.6% compared to March 2017
And, the Average Sold Price remained Neutral* at $231k.
• ⬆Up 7.4% compared to February 2018
• ⬆Up 11.1% compared to March 2017
*Based on 6 month trend – Appreciating/Depreciating/Neutral
📅Columbus Ohio Months of Inventory
March 2018 was a Seller’s market*
The Months of Inventory based on Closed Sales in March 2018 was only 1.2. (That’s really low)
• ⬇Down 20.4% compared to February 2018
• ⬇Down 7.8% compared to March 2017
*Seller’s market: less than 3 months of inventory based on closed sales
📈Absorption Rate in the Columbus Area
The Absorption Rate based on Closed Sales in March 2018 was 83.4%.
• ⬆Up 22.8% compared to February 2018
• ⬆Up 6.9% compared to March 2017
*Seller’s market: 33.33% and above based on closed sales
Bottom Line For Columbus Home Sellers
Since we are experiencing a Seller’s Market, and we’re approaching the seasonal peak of the housing market, it’s time to sell your home.
If you’re moving up from your starter home, it will probably sell quickly. Lower priced homes are in extremely high demand and many are going under contract as soon as they are listed.
The area is still experiencing a mismatched market, so if you’re going to be selling a higher priced home, the spring and summer could be ideal for you since that is traditionally busier. Market conditions can vary by neighborhood. Consult with a local real estate expert to determine if it’s a good time to sell your home.
Bottom Line For Home Buyers in Columbus
Buyers need to remember that we’re in a Seller’s Market and to be patient. If you’re searching for a home under $300k, you need to bring your A game (be prepared!). Have pre-approval in place, and be ready to make a strong offer when you find a house that works for your needs.
Home buyers need to:
- Get Pre-approved
- Use A Great Realtor
- Be Patient
Perfect Market For Moving-Up
If you’re a move-up buyer, you may find yourself in an ideal position. Your current home could sell quickly for top dollar, and, if your next home is in a higher price range, you may find that conditions are actually in your favor to buy. There’s much more inventory to choose from in the higher price ranges.
