Central Ohio inventory back to pre-boom levels
Inventory levels in central Ohio have been declining over the past year and now stand at just over 12,000 - almost 33 percent less than one year ago and 40 percent less than July 2007, the highest month on record according to the Columbus Board of REALTORS®.
There were 3,344 residential homes listed for sale in June 2012, 6.8 percent fewer than were listed during the same month last year. Total residential inventory in central Ohio is 12,053, the lowest since 2003.
“Inventory levels rose steadily during the housing boom and rose even more quickly in the boom’s aftermath,” said Jim Coridan, president of the Columbus Board of REALTORS®. “The significant increase in homes for sale and lack of same for buyers transformed central Ohio into a buyers’ market. But with the steady decrease in inventory over the last two years, and increased buyer interest, we’re back to more balanced market levels.”
Months of existing home inventory has decreased due to improved sales activity this year. At the current sales pace, there are 6.6 months of existing home supply on the market compared to 11.5 months supply this time last year.
Home sales last month were up 18.1 percent - 2,429 in June 2012 versus 2,056 in June 2011. Sales for the first half of the year were 10,473, up 10.2 percent from homes sold January through June of 2011 (9,507).
The median sale price of a home sold in June 2012 was $155,250 which is 15.0 percent higher than homes sold during the same month last year. Homes are also selling 4-5 days more quickly this year.
“Location, price, and condition of the home play a vital role in determining the demand, price, and length of time it will take a property to sell,” adds Coridan. “And with mortgage interest rates still below four percent, the demand for housing remains positive as well as competitive.”
According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 96 percent of central Ohio REALTORS® have moderate to strong expectations for our market in the next six months. As for home prices, five percent of local respondents expect home prices to fall, 26 percent expect them to remain the same and 69 percent expect home prices in central Ohio to rise in the next year.
View the current Central Ohio Local Market Update
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View Ohio housing statistics
View National housing statisticsThe 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.