Central Ohio Housing Report - October 2017

Buyers eager for new inventory

There were 2760 homes and condos sold during the month of October, which is a 4.4 percent increase over the same month a year ago, although a decline of 2.4 percent from September. This is the highest number of sales on record for the month of October, according to the Columbus REALTORS® Multiple Listing Service.

“Buyers are pouncing on any and all inventory available that is priced correctly,” said 2017 Columbus REALTORS® President Mic Gordon. “The central Ohio housing market continues to be hotter and stronger than ever!”

Homes spent an average of 32 days on the market during the month of October, which is three days more than September and five days fewer than October 2016.

There were 2,914 central Ohio homes and condos listed during the month of October, a 2.4 percent increase over the same month a year ago, although down 4.4 percent from September.

This left inventory at 5,131, which is down 5.8 percent from the previous month and 14 percent from October 2016. This is the 81st consecutive month of year over year declines in inventory.

“Even though there were more listings added to the market in October, inventory remains extremely low,” Gordon said. “The best time to put your home on the market is now, especially since buyers are more eager than ever for inventory.”

The average sales price of home during the month of October in central Ohio was $215,296, which is 7.9 percent more than October 2016. The median sales price was $183,000, up 8.9 percent from a year ago. Year to date (January through October) the average sales price is the highest on record.

“With sales prices being what they are, I hope that potential sellers realize what a tremendous time it is to list their home and take advantage of this strong seller's market,” Gordon said.

According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 90 percent of central Ohio REALTORS® expect prices to rise over the next year, while 8 percent expect prices to level.
 
When asked how they’re experiencing the fall housing market, 34 percent said somewhat too much more active than normal, 38 percent said they observed no change, and 24 percent said somewhat more sluggish than usual.
  
Current housing report – October 2017
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Columbus REALTORS® is comprised of over 8,000 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.