Inventory at record lows
Central Ohio housing inventory continued to decrease during the month of January to 3,410, which is 12 percent below December and 21.2 percent less than January 2017. This left central Ohio with a 1.2 months supply of inventory at the current sales pace and the 84th consecutive month of year over year declines in inventory, according to the Columbus REALTORS® Multiple Listing Service.
There were 1,928 central Ohio homes and condos listed during the month of January, an increase of 29.1 percent from December although 11.9 percent lower than the same month a year ago.
“Inventory remains at record lows here in central Ohio,” said 2018 Columbus REALTORS® President Sara Walsh. “Just when you think the number of homes for sale couldn’t possibly go any lower – it does. Sellers should realize there’s no reason to wait until the spring to list their home – we have buyers anxious to buy homes now!”
There were 1,635 homes and condos sold during the month of January, which is down 1.1 percent from January 2017.
The average sales price of a home during the month of January in central Ohio was $205,779, which is 5.8 percent more than the same month a year ago. The median sales price was $172,500, up 7.8 percent from a year ago.
“Strong home prices continue to be a theme in central Ohio,” Walsh said. “Home sales would be even higher if we had more homes listed for sale.”
Homes spent an average of 44 days on the market during the month of January, which is 6 days more than December, although 6 days fewer than January 2017.
According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 90 percent of central Ohio REALTORS® describe the current housing market in their area as moderate to strong and 100 percent describe their expectations for the next six months as moderate to strong.
When asked about rents in their area compared to last year, 80 percent said they have increased somewhat to a lot, and 20 percent said they have stayed the same.
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.