Inventory, closed sales on the rise in central Ohio

During the month of March, there were 3,485 homes and condos for sale in central Ohio, inching up over February by 3.2%. However, compared to a year ago, inventory is still down 17.3%. This left central Ohio with a 1.3 month’s supply of inventory at the current sales pace, according to the Columbus REALTORS® Multiple Listing Service.

“It’s encouraging to see inventory starting to increase in central Ohio,” said 2018 Columbus REALTORS® President Sara Walsh. “Sellers are realizing how hot the market is and are enjoying that advantage. Hopefully more sellers will follow suit, as we still have more buyers looking for homes than homes available to sell.”

There were 3,391 homes and condos listed during the month of March which is a whopping 42.9% more than February, but 0.1% less than March 2017. The number of closed sales  for March (2,381) also saw an significant increase of 41.6% greater than February although 8.6% below the same month a year ago.

“Central Ohio buyers were thrilled to see this influx in inventory and they wasted no time in committing to a new home,” Walsh said.

The average sale price of a home during the month of March in central Ohio was $219,939, which is 8.8% more than the same month a year ago. The median sales price was $185,000, up 9.5% from a year ago.The median is the midpoint where half the homes sell for less, while half sell for more. The average sales price is the total volume divided by the number of homes sold.

“Home prices are continuing to climb and are a true reflection of how strong our market is in the greater Columbus region,” Walsh said. “This trend will likely continue as more homes are added to the market.”

Homes spent an average of 39 days on the market during the month of March, which is five days fewer than February.
According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 93% 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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