If you have been following my Westerville real estate market updates, you know 2016 has been a fantastic year so far! We will likely see the normal seasonal slow down that happens every fall/winter, but, through the 3rd quarter Westerville remained a Seller’s Market.*
Continue reading to see the latest numbers.
Westerville Homes For Sale, Sold, Pending, & Newly Listed
Homes For Sale in September 2016: 206 units.
- Up 3.5% compared to the last month
- Down 21.7% compared to the last year
Homes Listed in September 2016: 155 units.
- Up 0.6% compared to the last month
- Up 9.9% compared to the last year
Homes Closed in September 2016: 152 units.
- Down 24.8% compared to the last month
- Up 0.7% compared to the last year
Homes Placed under Contract in September 2016: 163 units.
- Down 7.4% compared to the last month
- Up 30.4% 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
September 2016 Average Sold Price per Square Footage is Appreciating in Westerville
Average Sold Price per Square Footage in September 2016: $115
- Up 0.9% compared to the last month
- Up 6.5% compared to the last year
*Based on 6 month trend – Appreciating/Depreciating/Neutral
September 2016 Average Days on Market trend Remains Steady*
Average Days on Market in September 2016: 32
- Up 3.2% compared to the last month
- Down 23.8% compared to the last year
September 2016 Sold/List Price Ratio is Falling*
Sold/List Price % in September 2016: 98%
- 0% compared to the last month
- 0% compared to the last year
*Based on 6 month trend – Rising/Falling/Remains Steady
September 2016 Median Sold Price is Neutral*
Average Median Sold Price in September 2016: $233
- Down 2.9% compared to the last month
- Up 13.7% compared to the last year
September 2016 Average For Sale Price is Depreciating*
Average For Sale Price (in thousand) in September 2016: $391
- Down 3.2% compared to the last month
- Up 10.5% compared to the last year
September 2016 Average Sold Price is Neutral*
Average Sold Price (in thousand) in September 2016: $249
- Up 0.4% compared to the last month
- Up 12.2% compared to the last year
*Based on 6 month trend – Appreciating/Depreciating/Neutral
September 2016 is a Seller’s market*
Months of Inventory based on Closed Sales in September 2016: 1.4
- Up 40.6% compared to the last month
- Down 17.2% compared to the last year
*Seller’s market: less than 3 months of inventory based on closed sales
Westerville OH Real Estate Report Summary
What do all these numbers mean for you? If you’re selling a home, it is good that Westerville is considered a Seller’s Market through the 3rd quarter, but keep in mind that this is the time of year for the market to seasonally shift into a fall/winter slow down. To sell your home in the fall/winter you definitely need to work with a local professional to help you get it ready and price it correctly for current market conditions.
If you’re buying a home, now is actually a great time. Why? Because, the real estate market slows down for the fall/winter season, mortgage experts recommend locking in current low rates, and, historically, fall and winter offer lower home prices than the spring and summer. Go ahead and search Westerville homes for sale to see properties that match your wish list.
Do you have a question about this Westerville 3rd quarter real estate report? Feel free to contact me, Realtor Rita Boswell, at (614) 547-3229. I am very familiar with the Westerville real estate market, and would love the opportunity to chat with you about it!
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