The trend of low housing inventory and rising prices continues across the nation. Let’s take a look at the real estate market for Central Ohio. Continue reading to see the latest numbers through May 2017.
Central OH Homes For Sale, Sold, Pending, & Just Listed
Homes For Sale in May 2017: 3365 units.
?Up 4.1% compared to the last month
?Down 20.5% compared to the last year
Homes Listed in May 2017: 3692 units.
?Up 12.1% compared to the last month
?Up 2.4% compared to the last year
Homes Closed in May 2017: 2867 units.
?Up 22.1% compared to the last month
?Down 4.1% compared to the last year
Homes Placed under Contract in May 2017: 3886 units.
?Up 26.6% compared to the last month
?Up 25.7% compared to the last year
Central OH Average Sold Price
May 2017 Average Sold Price per Square Footage is Appreciating*
Average Sold Price per Square Footage in May 2017: $117
?Up 3.5% compared to the last month
?Up 8.3% compared to the last year
*Based on 6 month trend – Appreciating/Depreciating/Neutral
Average Days On Market in Central Ohio
May 2017 Average Days on Market trend is Falling*
Average Days on Market in May 2017: 28
?Down 24.3% compared to the last month
?Down 33.3% compared to the last year
May 2017 Sold/Original List Price Ratio is Rising*
Sold/Original List Price % in May 2017: 98%
?Up 1% compared to the last month
?Up 1% compared to the last year
*Based on 6 month trend – Rising/Falling/Remains Steady
Average Price For Sale & Sold in Central OH
May 2017 Median Sold Price is Appreciating*
Average Median Sold Price in May 2017: $199
?Up 7.6% compared to the last month
?Up 8.7% compared to the last year
May 2017 Average For Sale Price is Appreciating*
Average For Sale Price (in thousand) in May 2017: $383
?Up 3.5% compared to the last month
?Up 17.8% compared to the last year
May 2017 Average Sold Price is Appreciating*
Average Sold Price (in thousand) in May 2017: $236
?Up 6.8% compared to the last month
?Up 8.8% compared to the last year
*Based on 6 month trend – Appreciating/Depreciating/Neutral
Months Of Inventory in Central Ohio
May 2017 was a Seller’s market*
Months of Inventory based on Closed Sales in May 2017: 1.2
?Down 14.5% compared to the last month
?Down 14.1% 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
Key Takeaways For Central Ohio Buyers & Sellers
We’re seeing the lowest Days On Market and lowest Months Of Inventory on recordĀ (since Dec ’02).
However, this report with averages for the whole of Central Ohio isn’t telling us something very important: Higher Priced homes are in a neutral or even a buyers market.
That’s why current market conditions are ideal for move up buyers.
If you have a home that’s under $300k, you’re more likely to sell quickly as there is high demand for homes in this price range.Ā You will likely have more choices of higher priced homes, or you may want to considerĀ new construction homes for sale.
Sellers in the $300k-$400k-plus range will need to keep in mind that there is more inventory in this price point. In fact, Central Ohio homes for sale priced over $400k were on the market for an average of 63 days in May, and there is a 3.6 month supply of homes in this price range. When we compare that to the overall market average of 28 days on market and 1.2 months of inventory, we see the difference clearly.
In this market, it’s more important than ever to work with a Central Ohio real estate expert.
Buyers, you need an advocate who can help you navigate this competitive market.
Sellers, you need someone with experience preparing homes for market who will work hard to get your home sold.
Whether you’re buying or selling, I’m here to help. Contact me, REALTORĀ® Rita Boswell, at 614-830-9767 today.
