Your Real Estate Market Update:
Local Market Information provided by the Columbus Board of Realtors MLS. Last Updated July 24, 2017
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Record home prices in central Ohio and perhaps the market is starting to take a breath?
(July 24, 2017 – Columbus, OH) – Home prices are setting records in central Ohio. The median sales price of a home for the month of June in central Ohio was $192,650 which is up 7.0 percent from last year. The median sales price of a home for the first half of the year is $179,900, which is 6.4 percent higher than the first six months of 2016 according to the Columbus REALTORS® Multiple Listing Service.
The average sales price of a home in June was $226,050, up 5.1 percent from the same month a year ago and the year-to-date average sales price was $212,939, which is 5.9 percent higher than last year. The average sales price is the total volume divided by the number of homes sold. The median is the midpoint -- half the homes sell for less, while half sell for more.
“These are the highest home prices on record,” said 2017 Columbus REALTORS® President Mic Gordon. “Central Ohio is experiencing one of the hottest housing markets we’ve ever seen!”
There were 4,201 central Ohio homes and condos added to the market in June, up almost four percent from the previous month and a 4.1 percent increase over the same month a year ago.
With the increase of new listings, this brought central Ohio housing inventory to 5,077, which was a 10.2 percent gain over the previous month, although still 14.2 percent lower than June 2016. This left central Ohio with a 1.9 months supply of inventory at the current sales pace.
“Astute sellers realize it’s a smart time to list their home and take advantage of this seller’s market,” Gordon said. “This past month we saw a significant increase in inventory, and buyers wasted no time in purchasing.”
There were 3,401 central Ohio homes and condos sold during the month of June, which is 7.1 percent higher than May, but only a 0.4 percent rise over June 2016. At 15,146, sales for the first half of the year are just slightly (0.6 percent) ahead of last year.
Last month, homes spent an average of 29 days on the market, which is four days less than May and seven days faster than June of 2016. This is a new record for fewest number of days on the market.
However, (and this my personal side note) this days on market number is an end of June figure and since the July 4th holiday it seems the market may be taking a breath. While houses are still going very quickly we have just started to see less multiple offers, houses that would have received multiple offers in 2-3 days are now lasting 7-10 days and there has also been in increase in price reductions. I am not sure if this is just our usual July slow down before school and fall routines pick back up or if the market is finally starting to level out a bit – we should know in about 30-60 days.