By: Columbus Realtors
(April 20, 2016 – Columbus, OH) – There were 2,362 central Ohio homes and condos sold last month, a 46.7 percent gain over the previous month and a 6.3 increase over one year ago, according to the Columbus REALTORS® Multiple Listing Service.
“The central Ohio real estate market continues to be as active and as good as we have seen in recent years, and March was no exception,” said 2016 Columbus REALTORS® President John Royer. “Buyers are not wasting any time committing themselves to the purchase of a new home.”
Sales prices also continue to reach record highs. The average sales price of a home in March was $191,432, up 7.9 percent from March 2015 and 3.2 percent from the previous month. The median price in March was $164,000, a 9.3 percent increase from a year ago.
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 3,496 central Ohio homes and condos added to the market during the month of March, a 33 percent increase over the month of February, and a slight increase of .6 percent from the same time the previous year.
Even with over 3,500 homes added to the market, inventory continued its downward trend as demand continues to outpace supply.
The total inventory of homes for sale in March in central Ohio came in at 5,297. This was a 21 percent drop from March 2015 and a decrease of 2.5 percent from the previous month. Inventory levels have not been this low since before 2000.
The months supply of inventory during March was 2.0, which is 28.6 lower than a year ago, and the lowest on record. The months supply is calculated by taking the mount of inventory divided by average monthly sales over the last 12 months. In other words, if no more homes were added to the market, it would take about 2 months to sell all of the homes and condos currently for sale in central Ohio.
“The current lack of inventory isn’t discouraging buyers from trying to find their next home. And we expect inventory to continue to rise as we head into the spring and summer months,” Royer said.
During the month of March, homes spent an average of 59 days on the market which is 17 days shorter than the same month last year.
According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 98 percent of central Ohio REALTORS® describe the current housing market as moderate to strong.
When asked to describe their level of early spring activity, 55 percent of REALTORS® surveyed said it was higher than normal, 36 percent said it was normal and 9 percent said lower than normal.
Columbus REALTORS® is comprised of over 6,200 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.