Home prices continue to rise

Central Ohio homes and condos continue to perform, producing an increase in the average price of a home sold in central Ohio this year. Through August this year, the average price of a home sold was $229,033, which is up 6.4% from a year ago. The median sales price was $195,000, up 7.4% from August 2017. In-contract sales dipped 6.7% in August from July, while closed sales rose 2.3% for the same period. 

“Scarce supply of homes in some price points are still producing quicker sales, even though the number of sale pending properties has fallen,” said 2018 Columbus REALTORS® President Sara Walsh. “Listings in the higher price points tend to take longer to sell. A smaller pool of buyers with more discerning requirements contributes to these longer marketing times.”

Year to date (January through August 2018), homes listed under $200,000 sold in an average of 25 days. Homes sold between $200,000 and $500,000 took about 30 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 76 days, and homes over $700,000 were on the market for an average of 95 days.

“The higher the price, the greater demand for sophisticated marketing to a more expansive network to secure the right buyer,” added Walsh. “This is where a professional real estate agent is an invaluable resource.”

The average price of a home sold in central Ohio this year (January through August 2018) was $229,033 which is up 6.4% from a year ago. The median sales price was $195,000, up 7.4% from August 2017. There were 3,249 homes and condos sold in August, which is 1.3% higher than July, yet 3.2 percent below August 2017.

“It is important to acknowledge that real estate is local and marketing practices based on market knowledge must be specialized,” Walsh said. “Only REALTORS® have a true pulse on the needs and wants of the consumer.”

There were 3,821 homes and condos added to the central Ohio market in August, a 1.6% increase over the same month last year, although down 1% from July. This brought inventory up to 5,429, an increase of 4.7% from July, although down slightly from August 2017. This left central Ohio with a 2 month’s supply of inventory at the current sales pace.

In the latest Housing Market Confidence Index by the Ohio REALTORS®, central Ohio REALTORS® were asked what the single most important factor they believed limited their buyers from purchasing a property thus far this year. Three percent said difficulty obtaining financing. Three percent said rising mortgage rates. Six percent said low consumer confidence, but the vast majority of respondents said finding the right property.

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