In May we saw record breaking home prices in Central Ohio. Did the trend continue in June? Is it still a good time to sell? Read on to find out.
- đď¸ Columbus OH Homes For Sale, Listed, Sold, & Pending
- đAverage Price Per Square Foot in Columbus OH
- đDays on Market: How Fast Are Homes Selling?
- đ˛Columbus OH Home Prices
- đ Months of Inventory In Columbus, OH
- đColumbus OH Absorption Rate
- Columbus Ohio Real Estate Market Report At A Glance
- Columbus OH Real Estate Market Report Takeaway For Home Sellers
- Columbus OH Real Estate Market Report Takeaway For Home Buyers
đď¸ Columbus OH Homes For Sale, Listed, Sold, & Pending
The number of Homes For Sale in June 2018: 3624Â units.
⢠
Up 12.8% compared to May 2018
⢠
Down 6.3% compared to June 2017
The number of Homes Listed in June 2018: 3665Â units.
⢠Down 9.2% compared to May 2018
⢠Down 6.5% compared to June 2017
The number of Homes Sold in June 2018 was 2989 units.
⢠Up 3.7% compared to May 2018
⢠Down 8.7% compared to June 2017
The number of Homes Placed Under Contract in June 2018:Â 3742Â units.
⢠Up 14.2% compared to May 2018
⢠Up 16.9% compared to June 2017
đAverage Price Per Square Foot in Columbus OH
The Average Price per Square Foot on Sold homes continues to appreciate.* It’s up to $127, which is even higher than last month’s record breaking high!
⢠Up 3.3% compared to May 2018
⢠Up 7.6% compared to June 2017
*Based on 6 month trend – Appreciating/Depreciating/Neutral
đDays on Market: How Fast Are Homes Selling?
Once again the average Days On Market trend in Columbus is falling*!
The Average Days on Market in June 2018 was down to 21 days.
⢠Down 12.5% compared to May 2018
⢠Down 22.2% compared to June 2017
The Sold/Original List Price Ratio is rising* at 99%.
⢠ 1% compared to May 2018
⢠ 1% compared to June 2017
*Based on 6 month trend – Rising/Falling/Remains Steady
đ˛Columbus OH Home Prices
“…87 percent of 1,758 single-family homes sold in June went for more than their apprised value. And there was a 13.8 percent increase over May in the number of homes sold.”
âWhen you realize that almost (9 in 10) houses are being sold for more than our value, you get a true appreciation of the strength of housing in Franklin County.â
-Franklin County Auditor Clarence Mingo said in a recent Columbus Business Journal article
The Median Sold Price appreciated* in June 2018 to $222k.
⢠Up 3.3% compared to May 2018
⢠Up 12.1% compared to June 2017
The Average For Sale Price was Neutral* in June at $394k.
⢠Down 2.7% compared to May 2018
⢠Up 4.5% compared to June 2017
The Average Sold Price trend is appreciating* at $255k in June.
⢠Up 4.9% compared to May 2018
⢠Up 9% compared to June 2017
*Based on 6 month trend – Appreciating/Depreciating/Neutral
đ Months of Inventory In Columbus, OH
It’s still a Seller’s market* in Central Ohio.
The Months of Inventory based on Closed Sales in June 2018 was 1.2.
⢠Up 9% compared to May 2018
⢠0% compared to June 2017
*Seller’s market: less than 3 months of inventory based on closed sales
đColumbus OH Absorption Rate
The Absorption Rate based on Closed Sales in June 2018 was 82.5%.
⢠Down 8% compared to May 2018
⢠Down 2.6% compared to June 2017
*Seller’s market: 33.33% and above based on closed sales
Columbus Ohio Real Estate Market Report At A Glance
Use this table to quickly see how the real estate market is doing in the Columbus Ohio area.
Columbus OH Real Estate Market Report Takeaway For Home Sellers
Summer is an ideal time to list your home for sale! A lot of home buyers want to buy a home before the new school year starts, home prices are generally at their seasonal peak, and homes sell quickly.
However, the market can vary depending on neighborhood and price range. Plus, as we move into late summer and fall, sellers need to expect home prices to drop seasonally, and for time on market to increase.
Contact Columbus, Ohio Real Estate Expert Rita Boswell to find out if it’s time to sell your home.
“Buyers are so eager for inventory, they know they have to make a decision quickly. Yet, with this strong market, REALTORSÂŽ also have to buffer expectations for sellers in certain price points that not all homes sell in a month.â
-Columbus REALTORSÂŽ President Sara Walsh
Columbus OH Real Estate Market Report Takeaway For Home Buyers
Though it remains a strong seller’s market, buyers who stick with it are finding and buying homes. As we move into late summer and fall, conditions may be slightly better for buyers than they were during the spring and early summer.
Market conditions are especially favorable right now for move-up buyers. Lower priced homes are in huge demand, but the higher price points are more stable.
âREALTORSÂŽÂ are preparing anxious buyers for multiple offer competition in certain price ranges.â -Columbus REALTORSÂŽ President Sara Walsh
Home buyers that work with a real estate agent find and buy a home more quickly. Get in touch with us at the Rita Boswell Group to find your next home.
About Central Ohio Real Estate Market Reports
At the Rita Boswell Group, our goal is to provide home buyers and sellers with the most recent, in-depth market report possible.
Our report is based on data supplied by the Columbus Board of Realtors or its MLS. Information is deemed reliable but not guaranteed. Specific data points provided above may be adjusted, which will be reflected in future reports.
Our Central Ohio real estate market reports cover the counties of Franklin, Delaware, Fairfield, Licking, Madison, Pickaway, and Union. For market information on a specific community, contact Realtor Rita Boswell at 614-547-3229.
