It’s been a busy summer for real estate in Central Ohio, let’s take a moment to see how the market finished in July.
Central Ohio Homes For Sale/Sold/Pending/New Listing
Homes For Sale in July 2017: 4169 units
• ?Up 7.8% compared to the last month
• ?Down 15.9% compared to the last year
Homes Listed in July 2017: 3478 units.
• ?Down 11.1% compared to the last month
• ?Down 1.4% compared to the last year
Homes Closed in July 2017: 2758 units.
• ?Down 15% compared to the last month
• ?Down 6% compared to the last year
Homes Placed under Contract in July 2017: 3633 units.
• ?Up 8.6% compared to the last month
• ?Up 23.8% compared to the last year
Central OH Average Price Per Square Foot
The Average Sold Price per Square Footage was Neutral* for July 2017.
Average Sold Price per Square Footage in July 2017: $117
• ?Down 0.8% compared to the last month
• ?Up 6.4% compared to the last year
*Based on 6 month trend – Appreciating/Depreciating/Neutral
Central Ohio Days On Market Through July 2017
In July 2017, the Average Days on Market (DOM) trend was Falling.*
However, as we see from the graph below, Last year the DOM hit its lowest point in July before creeping back up.
Average Days on Market in July 2017: 24
• ?Down 11.1% compared to the last month
• ?Down 20% compared to the last year
July 2017 Sold/Original List Price Ratio is Rising*
Sold/Original List Price % in July 2017: 98%
• 0% compared to the last month
• 0% compared to the last year
*Based on 6 month trend – Rising/Falling/Remains Steady
Average Prices & Median Prices in Central Ohio Real Estate Market
In July 2017 Median Sold Price was Appreciating* in Central Ohio.
Average Median Sold Price in July 2017: $200
• ?Up 1% compared to the last month
• ?Up 8.1% compared to the last year
July 2017 Average For Sale Price is Neutral*
Average For Sale Price (in thousand) in July 2017: $367
• ?Down 2.7% compared to the last month
• ?Up 14.7% compared to the last year
July 2017 Average Sold Price is Neutral*
Average Sold Price (in thousand) in July 2017: $233
• ?Down 0.4% compared to the last month
• ?Up 6.4% compared to the last year
*Based on 6 month trend – Appreciating/Depreciating/Neutral
Central OH Months Of Inventory
It’s still a Seller’s market* in Central Ohio!
Months of Inventory based on Closed Sales in July 2017: 1.5
• ?Up 25.2% compared to the last month
• ?Down 11.8% compared to the last year
*Seller’s market: less than 3 months of inventory based on closed sales
Central Ohio Absorption Rate Through July 2017
The Absorption Rate also shows us that July 2017 was a Seller’s Market* in Central Ohio.
Absorption Rate based on Closed Sales in July 2017: 66.2
• ?Down 21.1% compared to the last month
• ?Up 11.8% compared to the last year
*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
Central Ohio Real Estate Market Update
Based on the the numbers that just came in for July 2017, Central Ohio is still in a strong Seller’s Market. However, we are going into the Fall and Winter, so we will most likely see things like the Days On Market rise accordingly.
Supply continues to be an issue nationally and in Central Ohio, and that will probably continue into the near future.
For Buyers
If you’re trying to buy a home in this competitive Seller’s Market, you’re likely getting frustrated and you may have even lost out on a few houses. You need a dedicated Buyer’s agent on your side to help you navigate this market and purchase a home that fits your wants and needs.
For Sellers
It may be a Seller’s Market on average in Central Ohio, but not all homes are selling like hot cakes. If you are thinking about selling a home, you still need the expertise of a local real estate professional to represent you. After all, selling a home takes more than sticking a sign in the yard. Columbus homes listed by a Realtor still sell faster and for more money, and you don’t want to risk leaving money on the table when you sell your home.
Take Advantage of The Seller’s Market
Ready to list your home for sale while it’s still a Seller’s Market? Tell me a little bit about your home below, and I’ll send you a free Comparative Market Analysis for your home. This will help you determine what your home could sell for on today’s Central Ohio real estate market.
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