Summer is over, and the kids are back to school. Has the real estate market in the Columbus area cooled with the weather? Let’s take a look at the market data…
Central OH Number Of Homes For Sale, Sold, Pending, & Newly Listed
Homes For Sale in August 2017: 4244 units.
• ?Up 1.8% compared to the last month
• ?Down 14.2% compared to the last year
Homes Listed in August 2017: 3368 units.
• ?Down 4.1% compared to the last month
• ?Up 7.9% compared to the last year
Homes Closed in August 2017: 2920 units.
• ?Up 1.2% compared to the last month
• ?Down 2.4% compared to the last year
Homes Placed under Contract in August 2017: 3695 units.
• ?Up 22.1% compared to the last month
• ?Up 31.1% compared to the last year
Sold Price Per Square Foot in Central Ohio Through 8/17
August 2017 Average Sold Price per Square Footage is Neutral*
Average Sold Price per Square Footage in August 2017: $115
• ?Down 1.7% compared to the last month
• ?Up 6.5% compared to the last year
*Based on 6 month trend – Appreciating/Depreciating/Neutral
Central OH Average Days On Market
August 2017 Average Days on Market trend is Falling* once again.
Average Days on Market in August 2017: 24
• ?Down 4% compared to the last month
• ?Down 22.6% compared to the last year
August 2017 Sold/Original List Price Ratio Remains Steady*
Sold/Original List Price % in August 2017: 97%
• ?Down 1% compared to the last month
• 0% compared to the last year
*Based on 6 month trend – Rising/Falling/Remains Steady
Central Ohio Home Sold Prices Through Aug 2017
August 2017 Median Sold Price is Neutral*
Average Median Sold Price in August 2017: $193k
• ?Down 3.5% compared to the last month
• ?Up 7.2% compared to the last year
August 2017 Average For Sale Price is Depreciating*
Average For Sale Price in August 2017: $353k
• ?Down 3.8% compared to the last month
• ?Up 9.6% compared to the last year
August 2017 Average Sold Price is Neutral*
Average Sold Price in August 2017: $226k
• ?Down 3.4% compared to the last month
• ?Up 7.6% compared to the last year
*Based on 6 month trend – Appreciating/Depreciating/Neutral
Months Of Inventory in Central Ohio Through Aug 2017
August 2017 is a Seller’s market*
Months of Inventory based on Closed Sales in August 2017: 1.5
• ?Up 6.9% compared to the last month
• ?Down 12.1% 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
Absorption Rate in Central Ohio for August 2017
Absorption Rate based on Closed Sales in August 2017: 68.8
• ?Down 0.6% compared to the last month
• ?Up 13.7% compared to the last year
Bottom Line For Columbus Area Buyers & Sellers
The market is slowing down a bit for the season. Inventory is up slightly since last month, and prices are down since last month. However, inventory and days on market are still historically low compared to last year, and prices are still higher compared to last year.
For Buyers, this is an ideal time to buy a house, because your competition is lower than the summer peak. Also, rates are still low, which helps with affordability. Statistically, home buyers that close in October get a better deal than buyers who close in the summer. This means that fall and winter is the best time to buy your home.
For Sellers, it’s still a great time to sell, since it’s still a Seller’s market and home prices are on the rise overall. However, if you’re selling a home in the fall or winter, it is imperative that you properly prepare your home for the seasonally slower market. Contact me at 614-830-9767 to find out what you need to do to sell your home during this time of year.
