Central Ohio Housing Report – December 2011

2011 central Ohio home sales missed outpacing 2010 by just 1.3 percent

Central Ohio saw 19,956 single family and condominium home sales during the year 2011. This market had 19,700 residential home sales the previous year which put 2011 just 1.3 percent behind 2010 according to the Columbus Board of REALTORS®.

“We were neck and neck with 2010 home sales going in to December,” said Jim Coridan, 2012 President of the Columbus Board of REALTORS®. “But sales fell flat during the holidays so we ended the year just over one percent below the previous year.”

“Considering 2010 included above average sales due to the last six months of the home buyer tax credits, we’re still pretty pleased.”

July through November showed healthy increases in sales, anywhere from seven to 23 percent more than the previous year. But December home sales dropped to 1,347 representing an 8.9 percent drop from the 1,479 sales in December of 2010 and ending hopes that 2011 would outsell 2010.

The number of homes for sale in the market continued to decline during 2011 helping to bring the local market back into balance. The total number of homes for sale at the end of the year (11,398) was 28.8 percent lower than the previous year (16,019).

“This is great news for central Ohio,” adds Coridan. “Inventory during the housing boom years escalated sometimes reaching over 30 percent more than is customary for the central Ohio housing market. Since then, REALTORS® have been struggling to sell the excess homes as buyers dwindled.”

The lower inventory brought the months supply under control. A healthy market has a 6.5 to 7-month supply of homes, meaning if no new homes were added to the market, it would take about 6.5 or 7 months to sell all the available homes.

The drop in listings and elevated sales during the second half of 2011 brought the year-end months supply down to 6.6, more in keeping with levels seen during 2005. During the last few years, the months supply has regularly been in the double digits and was as high as 12.5 in November 2008.

Homes spent an average of 100 days on the market during 2011, a reduction of four days from the average time to sell a home in 2010.

The average sale price of a home in 2011 was $156,428 which is 2.2 percent lower than the average price of homes sold in 2010 ($160,020).

School districts experiencing the highest home sales in 2011 included Columbus, South-Western (Grove City), Olentangy, Hilliard, Westerville, Dublin, Worthington, Groveport Madison and New Albany.

Cities averaging the highest home sale prices included New Albany, Dublin, Riverlea, Bexley, Upper Arlington, German Village, Grandview Heights and downtown Columbus.

Click here to view the December sortable housing market report by area.
Click here to view the entire central Ohio Local Market Update.

The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.

For more information about the central Ohio housing market, visit our Housing Statistics.
To view commercial properties for sale or lease in central Ohio, visit COCIE.org.
To view residential properties for sale, visit Realtor.com.