Central Ohio Housing Report - February 2014

Low inventory and frigid temperatures kept February home sales flat

February home sales were only slightly off pace from the same time last year, when home sales saw their highest numbers since the boom. There were 1,444 central Ohio homes sold in February of 2014, 6.2% lower than February 2013 (1,539), according to the Columbus REALTORS® Multiple Listing System (MLS).

“Inventory is still down in central Ohio, which is hindering the potential of our already strong housing market,” said Milt Lustnauer, 2014 president of the Columbus REALTORS®. “Given the low inventory and abysmal weather, we’re only a few steps behind what turned out to be a record breaking year, last year.”

The sale price of a home sold in February 2014 was $164,595, which was 9.2 percent higher than last year. The median sale price of $135,000 was up 10.4 percent compared to February 2013.

The average 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.

At an inventory level of 8,066, the number of homes on the market is 10.7 percent lower than February 2013. However there were 2,310 homes listed for sale in February, up slightly from the 2,120 added the previous month.

“Many sellers were waiting out one of the worst winters on record,” added Lustnauer. “Now that the weather is warming up, we hope to see inventory levels jump back up.”

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 87 percent of central Ohio REALTORS® describe the current housing market as moderate to strong  and 95 percent expect the market to be moderate to strong over the next six months. As for housing prices, 96 percent expect home prices to rise over the next year.

View the current Central Ohio Local Market Update.

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.

To view commercial properties for sale or lease in central Ohio, visit www.COCIE.org.
To
view residential properties for sale, visit www.Realtor.com.