Central Ohio Housing Report - Feb. 2012

Home sale prices strengthen in central Ohio

(Mar. 21, 2012) Sale prices for homes sold in central Ohio last month showed a healthy increase over the previous year. The average sale price of $151,072 was 7.3 percent higher than in February of 2011, and 5.7 percent higher than the previous month according to the Columbus Board of REALTORS®.

“Buyer activity has been up while seller activity has dipped slightly,” said Jim Coridan, President of the Columbus Board of REALTORS®. “Given the market conditions over the past couple years, sellers have been a bit reluctant to engage. But that could soon change as we head into the stronger spring selling season and the shifting landscape begins to register with well-informed homeowners looking to move.”

Central Ohio housing sales were up in February for the second month in a row. The 1,215 sales showed an 8.0 percent increase over the previous month and a 5.0 percent increase over February of 2011.

In addition, contracts for residential homes and condos jumped 21.7 percent over the previous month and were 57.4 percent higher than the same time last year.

The inventory of homes for sale continues to ebb slowly. There are now just over 11,000 homes for sale in central Ohio, almost 30 percent less than in February of 2011.

The median price of a home for sale in central Ohio is now $149,900 which is 11 percent higher than last year at this time.

“According to the most recent Ohio Housing Market Confidence Survey, 88 percent of central Ohio REALTORS® expect a moderate to strong housing market in the next six months and 84 percent expect home prices to remain the same or rise 0-5 percent,” adds Coridan. “As list prices have strengthened over the past year and demand is healthier, I’d have to agree.”

Click here to view the February sortable housing market report by area.
Click here to view the entire central Ohio Local Market Update.

The Columbus Board of 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.

The monthly housing reports can be found at ColumbusRealtors.com/stats. The reports include breakouts for 18 central Ohio counties and 52 local municipalities and school districts. New areas included in the 2012 reports include: Grove City and local school districts for Big Walnut, Miami Trace, Johnstown-Monroe and Northridge.