Central Ohio Housing Report - October 2013

Housing on track for second highest year

Central Ohio home sales are on track to be the second highest year ever, despite the decrease in inventory according to the Columbus REALTORS® Multiple Listing System (MLS).

So far, there have been 23,292 homes and condos sold this year between January 1 and October 31. The current record for the first ten months of the year is 23,540 back in 2005. The 2,032 homes and condos sold in October fell 2.1 percent from the previous year (2,075).

“Sales dipped last month, not because we don’t have the demand, but because we don’t have the inventory,” said Chris Pedon, 2013 president of Columbus REALTORS®. “We’ve been publishing the lack of inventory for the last several months. We have buyers. But we need more houses and condos to show them.”

The number of residential homes on the market has dropped to just under 10,300, 1.4 percent less than a year ago and the lowest level of inventory at this time of year since 2002. Inventory has averaged almost 14,900 for the last five years, but has been dropping steadily over the last couple years.

As a result, home prices are rising. The average price of a home sold in central Ohio last month was $171,355, up 5.5 percent in the last year. Year to date prices (January through October) are averaging $174,589, 3.8 percent above the same period in 2012.

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 89 percent of central Ohio REALTORS® describe the current housing market as moderate to strong, but 95 percent expect the housing market to be moderate to strong over the next six months. As for home prices, 79 percent expect home prices to rise over the next year.

Seventy-nine percent of respondents said it takes sellers 2-4 weeks to prepare their home for sale including enhancing curb appeal, emptying the home of clutter, painting and other projects.

“As many homeowners make preparations for the holidays, it might also be a good time to consider listing their home for sale,” adds Pedon. “With inventory at a low, a well decorated home could add great appeal for buyers wanting to give themselves the gift of a new home this year.”
 
View the current Central Ohio Local Market Update.
View the current Housing Market Report by area.

Columbus REALTORS® is comprised of over 6,100 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.

The monthly housing reports can be found at www.ColumbusRealtors.com/stats. The reports include breakouts for 18 central Ohio counties and 53 local municipalities and school districts. Buckeye Valley Schools was added to the reports in February 2013.

For more information about the central Ohio housing market, visit www.ColumbusRealtors.com/stats.
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

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