It’s still a seller’s market in central Ohio

Central Ohio housing inventory continued to decrease during the month of January to 3,410, which is 12% below December and 21.2% less than January 2017. This left central Ohio with a 1.2 month’s supply of inventory at the current sales pace and the 84th consecutive month of year-over-year declines in inventory, according to the Columbus REALTORS® Multiple Listing Service.

There were 1,928 central Ohio homes and condos listed during the month of January, an increase of 29.1% from December although 11.9% lower than the same month a year ago.

“Inventory remains at record lows here in central Ohio,” said 2018 Columbus REALTORS® President Sara Walsh. “Just when you think the number of homes for sale couldn’t possibly go any lower – it does. Sellers should realize there’s no reason to wait until the spring to list their home – we have buyers anxious to buy homes now!”

There were 1,635 homes and condos sold during the month of January, which is down 1.1% from January 2017. The average sales price of a home during the month of January in central Ohio was $205,779, which is 5.8% more than the same month a year ago. The median sales price was $172,500, up 7.8% from a year ago.

“Strong home prices continue to be a theme in central Ohio,” Walsh said. “Home sales would be even higher if we had more homes listed for sale.”

Homes spent an average of 44 days on the market during the month of January, which is six days more than December, although six days less than in January 2017.

According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 90% of central Ohio REALTORS® describe the current housing market in their area as moderate to strong and 100% describe their expectations for the next six months as moderate to strong.

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