Monday, March 21, 2016 / by Kevin Hart And Advisors
Record Highs and Lows for Central Ohio housing
March 21, 2016 – Columbus, OH) – There were 1,610 central Ohio homes and condos sold last month, up 6.0 percent from the previous month, up 4.7 percent rise from one year ago, and a record high for the month of February.
As January home sales set a record high also, sales for the first two months of 2015 have topped the charts according to the Columbus REALTORS® Multiple Listing Service.
There were 2,628 central Ohio homes and condos added to the market during the month of February, a 16.9 percent increase over January and a 9.7 increase over the previous year.
“Spring isn’t on its way – it’s here,” said John Royer, Columbus REALTORS® 2016 President. “Spring is when the housing market traditionally heats up. But it started early this year and the central Ohio real estate market is incredibly hot right now, with homes selling as quickly as they’re being added to the market.”
Sale prices are at record highs. The average sale price of a home in February was $185,556, up 3.8 percent from February 2015 and a slight increase (0.5 percent) over the previous month. The median price in February was $154,700, an increase of 4.5 percent from a year ago.
The average sales price is the total volume divided by the number of homes sold. The median is the midpoint -- half the homes sell for less, while half sell for more.
Inventory continued to shrink in February, with the total inventory of homes for sale in central Ohio coming in at 5,433. This was a 20 percent fall from February 2015 and a 6.2 percent drop from the previous month. Inventory levels have not been this low since before 2000.
The months supply of inventory during February was 2.1, which is 27.6 percent lower than a year ago, and the lowest on record. The months 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 2.1 months to sell all of the homes and condos currently for sale in central Ohio.
“The dearth of inventory continues to be a serious problem here in central Ohio,” Royer said. “Buyers are acting fast, wasting no time on homes that strike their fancy.”
“If you’ve entertained the idea of selling your home or condo, the time is now!”
The months supply of inventory during February was 2.1, which was 4.5 percent lower than January and the lowest on record. The months 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 2.2 months to sell all of the homes and condos currently for sale in central Ohio.
According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 95 percent of central Ohio REALTORS® describe the current housing market as moderate to strong and 97 percent expect home prices to rise over the next year.
When asked about changes in number of millennials expressing interest in purchasing a home, 68 percent said they have seen a slight to substantial increase in interest, 29 percent said no change interest and 3 percent said a slight decrease in interest.
Current housing report – February 2016
All housing reports
Columbus REALTORS® is comprised of over 6,200 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.