Central Ohio Housing Report - May 2014

Demand for homes high in central Ohio

(June 23, 2014 Columbus, OH) – There were 3,935 central Ohio homes and condos listed for sale in May 2014, 7.1 percent lower than the previous year, but up 6.2 percent from April.

With an inventory level of 8,766, the number of homes on the market is 12.9 percent lower than May 2013 according to the Columbus REALTORS® Multiple Listing System (MLS).

“We’re averaging over 125 homes listed for sale daily, but the demand continues to outpace the supply,” said Milt Lustnauer, 2014 president of Columbus REALTORS®. “Home sales continue to rise as we move into summer, so it’s a great time to sell your home with buyer interest so high right now.”

There were 2,569 central Ohio homes and condos sold in May 2014, up 17 percent from the 2195 homes sold the previous month.

The average sale price was $184,474, which was up 4.9 percent than last year and up 4.7 percent from April.

“Sales prices in central Ohio continue to climb, as they have since the beginning of the year,” Lustnauer said. “Unlike during the housing boom, home price increases are reasonable and sustainable so we anticipate prices continuing to rise at this type of pace throughout the year.”

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®) 100 percent of central Ohio REALTORS® describe the current housing market as moderate to strong and expect it to remain so over the next six months. Ninety-four percent of central Ohio REALTORS® also expect housing prices to rise over the course of the next year.

Given current market conditions, 39 percent of sellers in central Ohio are becoming more realistic when anticipating the value of their home to put on the market. But 42 percent seem less realistic about the value of their home.

Current housing report – May 2014
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