Central Ohio Housing Report - February 2015

Central Ohio home prices rising quickly

The average sale price of a home during the month of February was $180,527, which is a 10.4 percent gain over February 2014. The median sale price in February was $150,000, up 11.4 percent from a year ago, according to the Columbus REALTORS® Multiple Listing Service (MLS).

The average 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. 

“Both January and February have experienced significantly higher than normal sale prices due, in great part, to the lack of homes for sale right now,” said Kathy Shiflet, Columbus REALTORS® 2015 President. “We haven’t seen inventory levels this low since the 1990’s.”

At the end of February 2015, there were only 6,786 homes and condos listed for sale in the central Ohio region. This is the first time, since the 1990’s that inventory has dropped below 7,000.

There were 2,283 homes and condos put on the market last month - a 3.5 percent increase over January 2015 and a 2.4 percent increase over February 2014.

“Central Ohio homeowners are realizing it’s a terrific time to put their home on the market. I only anticipate the number of new listings to climb as the weather gets warmer in the coming months,” Shiflet said.

There were 1,413 central Ohio homes and condos sold in February 2015, which is a 10.3 percent increase over the previous month and just a 1 percent decrease over February 2014. 

The number of homes in contract also rose to 16.1 percent over the previous month and increased 12.5 percent over February 2014.

During the month of February, homes spent an average of 79 days on the market (from listing to close), down from 99 days in February of 2014.

“The increase in homes sold and in contract is an indication that buyers are hungry and ready to pounce on inventory,” said Shiflet. “Buyers are eager, engaged and not wasting any time!”

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®) 97 percent of central Ohio REALTORS® describe the current housing market as moderate to strong and 94 percent expect housing prices to rise over the next year.

Sixty-one percent of central Ohio REALTORS® indicated that they have noticed a slight to substantial increase in the number of millennials (buyers 35 or younger) expressing interest in purchasing a home; 27 percent said that they have seen no change and 12 percent said they have seen a slight to substantial decrease.

Current housing report – February 2015
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Columbus REALTORS® is comprised of over 6,500 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.