Central Ohio Housing Report – March 2015
Home sales highest since 2006 despite limited inventory
Using an average of home sales over the last 12 months, it would take less than three months to clear all available houses from the market. Not only is this the quickest on record but a stark contrast to the 13.4 months supply in early 2008.
The median existing-home price last month was $152,000, 5.6 higher than the median sales price for an existing-home one year earlier. March also marked the 23rd straight month of year-over-year home price gains.
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 94 percent expect housing prices to rise over the next year.
Forty-one percent report higher than normal early spring activity since the weather has shown signs of improving.