Columbus OH Real Estate Market Update September 2018

It’s almost Autumn! Time for pumpkin spice everything and watching the leaves change and fall. The season usually brings the temp down in the real estate market as well. Let’s take a look at the latest numbers for Central Ohio.

The number of Homes For Sale in August 2018: 4213 units.
• Up 7.9% compared to July 2018
• Down 0.7% compared to August 2017

The number of Homes Listed in August 2018: 3413 units.
• Down 3.2% compared to July 2018
• Up 0.3% compared to August 2017

The number of Homes Sold in August 2018 was 2827 units.
• Down 6.8% compared to July 2018
• Down 9.5% compared to August 2017

The number of Homes Placed Under Contract in August 2018: 3278 units.
• Up 5.5% compared to July 2018
• Up 8.3% compared to August 2017

The Average Price per Square Foot on Sold homes was Neutral* in August at $122.

• Down 1.6% compared to July 2018
• Up 6.1% compared to August 2017

*Based on 6 month trend – Appreciating/Depreciating/Neutral

The average Days On Market trend in Columbus is Steady*!

The Average Days on Market in August 2018 was down to 22 days.
• Up 4.8% compared to July 2018
• Down 12% compared to August 2017

The Sold/Original List Price Ratio remained steady* at 97% in August 2018.
• Down 1% compared to July 2018
• Unchanged compared to August 2017

*Based on 6 month trend – Rising/Falling/Remains Steady

The Median Sold Price remains neutral* for August 2018 at $212k.
• Down 1.4% compared to July 2018
• Up 9.8% compared to August 2017

The Average For Sale Price is depreciating* at $370k.
• Down 4.1% compared to July 2018
• Up 4.8% compared to August 2017

The Average Sold Price trend remains Neutral* at $239k.
• Down 2.8% compared to July 2018
• Up 6.2% compared to August 2017

*Based on 6 month trend – Appreciating/Depreciating/Neutral

It’s still a Seller’s market* in Central Ohio!

The Months of Inventory based on Closed Sales in August 2018 was 1.5.
• Up 15.5% compared to July 2018
• Up 7.4% compared to August 2017

*Seller’s market: less than 3 months of inventory based on closed sales

The Absorption Rate based on Closed Sales in August 2018 was 67.1%.
• Down 13.5% compared to July 2018
• Down 8.8% compared to August 2017

*Seller’s market: 33.33% and above based on closed sales

Use this table to quickly see how the Columbus, Ohio area real estate market is doing.

If you need to sell a home, it is still a Seller’s Market overall, so it’s a good time list your home for sale. You’ve still got time to sell a home and move before the start of the holiday season. And, depending on the price point of your home, it could still sell very quickly.

Get in touch with Realtor Rita Boswell to find out if it’s a good time to sell your home.

It’s still a Seller’s Market, but fall and winter are generally a great time to buy a home.

October is the best month to purchase a home in Central Ohio. So, now is the time to be seriously house hunting.

With Market Mismatch conditions continuing, it’s perfect for move-up buyers. Starter homes remain in demand, but the higher price points are more balanced. It remains a Buyer’s Market in the Over $750k price range.

Statistically, home buyers that use a real estate agent purchase faster. Contact us at the Rita Boswell Group to find your next home.

“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.”