Your Real Estate Market Update:
Local Market Information provided by the Columbus Board of Realtors MLS. Last Updated September 20, 2017
Here you will find the latest local housing trends that will give you insights, updates and analysis to your local marketplace. If you have any questions about this report or anything else related to real estate, please feel free to reach out to us. We are proud to be a trusted advisor and help you make important business decisions when it comes to real estate.
Homes are Selling in Central Ohio
(September 20, 2017 – Columbus, OH) – Homes spent an average of 27 days on the market during the month of August, which is one day less than July and eight days fewer than August 2016. This is yet another record low for central Ohio, according to the Columbus REALTORS® Multiple Listing Service.
“Homes have been selling in less than a month this summer” said 2017 Columbus REALTORS® President Mic Gordon “This is the fastest they’ve ever sold as buyers are wasting no time seizing an opportunity to purchase a home.”
There were 3,248 central Ohio homes and condos sold during the month of August, which is a 5.6 percent increase over July, but less than one percent higher than a year ago. However, the homes sold year to date (21, 623) is sitting at a record high for the first eight months of the year.
There were 3,740 central Ohio homes and condos listed during the month of August, a 10 percent increase from a year ago and the highest number of new listings for the month of August since 2008.
Even with the added listings, this left inventory at 5,444, which is just slightly less than the previous month and 13.2 percent below August 2016.
“Homeowners today know it’s a great time to sell a home and there’s still a shortage of inventory,” Gordon said. “We’re hoping the supply increases this fall to meet the pent-up demand.”
The average sales price of home during the month of August in central Ohio was $217,800, which is 6.7 percent more than August of 2016. The median sales price was $185,000, up 6.9 percent from a year ago.
Year to date (January through August), both the average sales price ($215,650) and median sales price ($182,000) are the highest on record.