Columbus OH Real Estate Update March 2018

Spring is right around the corner! You know what that means?! House hunting season! Better weather and longer days are perfect for touring homes for sale in Columbus. But, is the market more favorable for buyers or sellers?

Let’s dive into February’s real estate data and see how the market did and what trends we can expect for spring.

The Number of Homes For Sale in Central Ohio decreased in February 2018 to 2356 units.
• ” />Down 5.2% compared to January 2018
• ” />Down 24.9% compared to February 2017

The Number of Homes Listed in February 2018 moved up to 2139 units.
• ” />Up 20.6% compared to January 2018
• ” />Down 8.3% compared to February 2017

The Number of Homes Closed in February 2018 fell slightly to 1527 units.
• ” />Down 1.1% compared to January 2018
• ” />Down 6.1% compared to February 2017

The number of Homes Placed under Contract in February 2018 rose to 2448 units.
• ” />Up 27.8% compared to January 2018
• ” />Up 16.8% compared to February 2017

The Average Sold Price per Square Foot was Neutral* for February 2018 at $114.

• ” />Up 2.7% compared to January 2018
• ” />Up 8.6% compared to February 2017

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

The Average Days on Market trend Rose* in February 2018. Homes spent an average of 41 days on market.
• Unchanged compared to January 2018
• ” />Down 14.6% compared to February 2017

The Sold/List Price Ratio also remained steady* in February at 96%.
• 0% compared to January 2018
• 0% compared to February 2017

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

The Median Sold Price was Neutral* in February 2018 at $185k.
• ” />Up 3.4% compared to January 2018
• ” />Up 10.1% compared to February 2017

The Average For Sale Price Appreciated* to $396k in February 2018.
• ” />Up 5.3% compared to January 2018
• ” />Up 16.1% compared to February 2017

The Average Sold Price remained Neutral* at $216k for February 2018.
• ” />Up 0.9% compared to January 2018
• ” />Up 9.1% compared to February 2017

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

Based on the Months of Inventory and Absorption Rate (see below) February 2018 remained a Seller’s Market*

The Months of Inventory based on Closed Sales in February 2018 was 1.5.
• ” />Down 6.2% compared to January 2018
• ” />Down 20.7% compared to February 2017

*A Buyer’s market means more than 6 months of inventory based on closed sales
Seller’s market means less than 3 months of inventory based on closed sales
Neutral market means 3 – 6 months of inventory based on closed sales

The Absorption Rate based on Closed Sales in Central Ohio in February 2018 was 64.8.
• ” />Up 4.2% compared to January 2018
• ” />Up 25.1% compared to February 2017

*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

We’re still in a Seller’s Market, so if you’re thinking about selling a home it’s probably a good time for you. With spring in the air, more home shoppers will be out looking for homes.

Check with Columbus Realtor Rita Boswell before you decide. While most of Central Ohio is experiencing a Seller’s Market, there is still a market mismatch. Depending on your price point and neighborhood, you may be in a buyer’s market.

Rita Boswell will help you determine the best strategy for your specific circumstances.

We will start to see Days On Market get shorter as we move into spring, and prices are inching up again compared to January.

Serious home buyers need to have their finances in order and be ready to make strong offers.

Be prepared to prioritize and make compromises in order to buy a home that will fit your true must-haves.

Many home buyers have been frustrated by the low inventory and higher prices. However, if you stick with it and have help from a pro, you can find and buy the right house for your needs.