Central Ohio buyers hungry for good homes
(May 22, 2012) The number of homes listed for sale over the past two months is lower than the previous year suggesting the market may be beginning to adjust itself. The 3,629 homes added to the market in April were 7.0 percent lower than April of 2011 and the 3,466 new listings in March were 10.4 percent lower than the previous year according to the Columbus Board of REALTORS®.
The number of new listings January through April (12,588) is now 4.2 percent lower than the same period last year.
“The number of residential homes for sale continues to decline - which is what the market needs,” said Jim Coridan, 2012 President of the Columbus Board of REALTORS®. “The inflated inventory we experienced after the housing boom of the mid 2000’s caused home prices to decrease. But 2011 saw a real stabilization of those inventory levels. As a result, home sale prices are rising.”
The average sale price of a central Ohio home in April was $165,324 – up 8.4 percent from last year and 7.7 over the previous month.
Although inventory levels are down and sale prices are up, there appears to be no shortage of buyers.
Central Ohio home closings in April outpaced the previous month as well as the previous year. The number of April home sales (1,748) was up 5.7 percent over March of this year (1,653) and was 2.6 percent higher than homes closed in April of 2011 according to the Columbus Board of REALTORS®.
Home sales this year (January through April) now exceed 2011 by 6.6 percent.
“Even though inventory is down and prices are up, there’s a solid market of motivated buyers out there right now,” adds Coridan. “REALTORS® report that, if a house comes on the market that is in good condition and is realistically priced, it’s sold within days – and sometimes within hours.”
According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 95 percent of central Ohio REALTORS® describe the current housing market as moderate to strong and 97 percent expect it to be moderate or strong in the next six months. With regard to home prices, 95 percent expect home prices to remain the same or rise in the next year.
View the current Central Ohio Local Market Update.
View the current Housing market report by area.
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.
The monthly housing reports can be found at ColumbusRealtors.com/stats. The reports include breakouts for 18 central Ohio counties and 52 local municipalities and school districts. New areas included in the 2012 reports include: Grove City and local school districts for Big Walnut, Miami Trace, Johnstown-Monroe and Northridge.
For more information about the central Ohio housing market, visit ColumbusRealtors.com/stats
To view commercial properties for sale or lease in central Ohio, visit COCIE.org.
To view residential properties for sale, visit Realtor.com.
Press Note: If you would like to interview a REALTOR®, please contact the following:
President James Coridan, Coridan and Associates (614) 224-5155
President-Elect Chris Pedon, Real Living HER (614) 477-6726
Treasurer Milt Lustnauer, RE/MAX Premier Choice (614) 410-1817
Secretary Kathy Shiflet, Coldwell Banker King Thompson (614) 526-5688