Market continues to heat up with record breaking sales prices
The average sales price of a home during the month of May in central Ohio was $235,133, which is 3.8 percent more than May 2017 and the average monthly sales price on record. The median sales price was $204,000, up 7.4 percent from a year ago. This is also a record high, according to the Columbus REALTORS® Multiple Listing Service.
“2018 is proving to be a solid year of healthy home price increases in central Ohio,” said 2018 Columbus REALTORS® President Sara Walsh. “This is a true indication of how strong our market is in the greater Columbus region. Even with more homes added to the market, this trend will likely continue this year.”
During the month of May, there were 4,394 homes and condos listed in central Ohio which is a whopping 18.8 percent more than April and 8.2 percent greater than the same month a year ago.
This brought inventory to 4,471, an increase of 16.1 percent over April. Compared to a year ago, inventory is still down 3.3 percent leaving central Ohio with a 1.6 months supply of inventory at the current sales pace.
There were 3,056 homes and condos sold in May, which is 18.0 percent more than April, although down 7.0 percent from May 2017.
“REALTORS® are preparing anxious buyers for multiple offer competition in certain price ranges so the increase in inventory is more than welcome,” Walsh said. “It is not unusual to see this influx as we head into the summer selling season.”
Homes only spent an average of 27 days on the market during the month of May, which is 6 days fewer than April and ties with August 2017 for the lowest on record.
“Since we have more demand than supply right now, homes are spending less and less time on the market,” Walsh said. “This is similar to what we saw last summer."
"Buyers are so eager for inventory, they know they have to make a decision quickly. Yet, with this strong market, REALTORS® also have to buffer expectations for sellers in certain price points that not all homes sell in a month.”
According to the latest Housing Market Confidence Index by the Ohio REALTORS®, 98 percent of central Ohio REALTORS® describe the current housing market in their area as moderate to strong and 100 percent describe their expectations for the next six months as moderate to strong.
When asked about the current market conditions and whether their sellers are becoming more or less realistic when anticipating the value of their home to list, 31 percent said sellers are more realistic, 40 percent said no change and 29 percent said less realistic.