Central Ohio Housing Report - November 2016

Record home sales in November  
Central Ohio once again saw a record number of homes sales during the month of November. There were 2,227 central Ohio homes and condos sold during the month of November, a 15.8 percent increase over the previous year, according to the Columbus REALTORS® Multiple Listing Service. 

Year to date (January through November), home sales are up to 29,196 which is 7.1 percent above the same period in 2015. 

“This is proving to be one of the best years ever for the central Ohio real estate market,” said 2016 Columbus REALTORS® President John Royer. “We continue to have record numbers of home sales each month and the demand for homes continues to be exceedingly strong."

The average sales price of a home in November was $199,251, a 10.1 percent increase over the same month a year ago, and just a 0.3 percent dip from October. The median sales price was $172,000, a 14.6 percent increase over November 2015.

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.

There were 5,396 homes for sale during the month of November, which is a 22.6 percent decline in inventory from November 2015 and 9.5 percent lower than October.

There were 2,200 central Ohio homes and condos added to the market in November, a 7.1 percent increase from a year ago, although a 22.3 percent decline from October.

“It’s not unusual that new listings and inventory taper as the temperatures drop and during the holidays,” Royer said. “This can – and should be – a strong motivator to get potential sellers off the fence and list their home. Buyers are still hungry for inventory!”

During the month of November, central Ohio homes and condos spent an average of 42 days on the market, which is just 5 days longer than October but 12 fewer days than November 2015.

According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 93 percent of central Ohio REALTORS® would describe the current housing market as moderate to strong and 93 percent expect home prices to increase over the next year.

When asked about 2016 current and past buyers’ level of enthusiasm regarding buying a house, 73 percent said their buyers thought it was/is a good time to buy a house.
Current housing report – November 2016
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Columbus REALTORS® is comprised of over 7,700 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.