There were 2,181 central Ohio homes and condos added to the market during the month of January, almost 55% more than the previous month and up 13.1% from January 2018, according to the Columbus REALTORS® Multiple Listing Service.
There were 1,602 central Ohio homes and condos sold during the month of January, down 2% from a year ago and a drop of almost 22% from the previous month. “Even with a 55% increase in homes listed last month, we have strong demand for more homes and condominiums,” said 2019 Columbus REALTORS® President John Myers. “With prices up, if you are considering selling your home, now is the time to start that process by speaking with a REALTOR®.”
The median price of a home sold in January was $181,500, an increase of 5.2% from a year ago. The average sale price was $208,512, an increase of 1.3% over January 2018. The month’s supply of inventory during January was 1.4, up from 1.2 at the beginning of last year. The month’s supply is calculated by taking the amount of inventory divided by average monthly sales over the last 12 months. In other words, if no more homes were added to the market, it would take about a month and a half to sell all of the homes and condos currently for sale in central Ohio.
Inventory continues to remain lower than normal for this market. There were 3,818 homes and condos for sale at the end of January, up 12% from last January, but still lower than any previous year. “Homeowners waiting for warmer months to list their home are missing out on opportunities to sell today,” added Myers. “Buyers are out there–and they’re not waiting for summer to buy.”
According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 88% of central Ohio REALTORS® describe the current housing market as moderate to strong and 76% expect home prices to rise in 2019.