Posted 8/20/15 By Columbus Realtors
Central Ohio housing market shattered records in July
(Aug. 20, 2015 – Columbus, OH) Sales, prices and time to sell a home set records again during July 2015. The 3,208 home sales last month were up 1.9 percent over the previous month (June 2015) and up 11.7 percent from July of 2014. This also set a record high for any single month of home sales in any year.
Year to date home sales (January through July 2015) were 17,110 which was up 9.7 percent compared to the same period last year and the highest on record for the first seven months of any year.
“Demand remains high for both single family homes and condos in central Ohio,” said Columbus REALTORS® 2015 President Kathy Shiflet. “We continue to have buyers ready and waiting for homes to be listed for sale. So when a nice residence comes on the market, they’re wasting little time.”
During the month of July, homes spent an average of 43 days on the market (from listing to contract or close), which is down from 55 days one year ago and again, a record low for any month.
The average home sale price this year (January through July) was $193,164, up 5.6 percent from one year ago and the highest on record for this time period. July home prices averaged $206,691, up 3.9 percent from July of 2014 and yet another record high for any single month of any year.
At the end of July, there were 7,919 residential homes and condos for sale in central Ohio. Although this is 17.9 percent fewer than the number for sale in July of 2014 (9,644), it was the highest level of inventory yet in 2015.
“Given the number of homes that were in contract at the end of July, we expect to see strong home sales again in August,” Shiflet said. “Plus we still have many families wanting to make a move before the school year gets too far underway.”
According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 90 percent of central Ohio REALTORS® expect home prices to rise over the next year.
When asked what affect the higher home prices are having on consumers’ interest in buying a home, only 22 percent reported that interest has decreased slightly. Forty-four percent reported no change in interest and 32 percent reported that interest has increased slightly or a lot.
Additionally, 44 percent of those surveyed reported a slight increase in buyers purchasing a home without a mortgage (all cash). Forty percent reported no change
Columbus REALTORS® is comprised of almost 6,800 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.