Homes are a hot commodity in central Ohio
(July 21, 2016 – Columbus, OH) – The average sales price of a home in central Ohio during the month of June climbed to a new record high of $216,379, a 5.4 percent increase over June 2015 and a 1.2 percent rise over the previous month, according to the Columbus REALTORS® Multiple Listing Service. The median price in June was $180,000 a 4.7 increase from the previous 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.
“Homes that are listed at market prices continue to fly off the shelf and be a hot commodity in central Ohio" said 2016 Columbus REALTORS® President John Royer. “Investing in a home is one of the smartest decisions you can make. And with the lowest interest rates we’ve seen in three years, it’s even more astute.”
There were 3,250 central Ohio homes and condos sold during the month of June, a 5.1 percent increase over May, although a slight dip of .6 percent from the same month a year ago.
The number of homes and condos for sale in central Ohio in the month of June inched up to 5,914, a 5.8 percent increase over the previous month, although down 22.8 percent from June 2015.
There were 4,013 central Ohio homes and condos added to the market during the month of June, a 4.4 percent increase from May and a .5 percent increase from the same month a year ago.
“Our challenge is the low inventory of available homes, which is holding us back from seeing more sales,” added Royer. “In June, the No.1 obstacle to making a purchase, as reported by 40% of buyers on realtor.com, was simply finding a home that met their needs.”
During the month of June, homes spent an average of 35 days on the market, which is 12 days shorter than June 2015, nine days shorter than May, and the lowest on record.
“With the lack of inventory, central Ohio buyers are moving quickly when a home is newly listed,” Royer said.
According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 95 percent of central Ohio REALTORS® expect home prices to rise over the next year. When asked about securing financing versus a year ago, 34 percent reported it was easier, 26 percent reported it was more difficult, and 40 percent reported it was the same.
Current housing report – June 2016
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Columbus REALTORS® is comprised of over 7,300 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
The Columbus 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.
To view commercial properties for sale or lease in central Ohio, visit www.COCIE.org
To view residential properties for sale, visit www.Realtor.com