Market Update

Market Update

(Feb. 21, 2019 – Columbus, OH) There were 2,181 central Ohio homes and condos added to the market during the month of January, almost 55 percent more than the previous month and up 13.1 percent from January 2018, according to the Columbus REALTORS® Multiple Listing Service.

There were 1,602 central Ohio homes and condos sold during the month of January, down two percent from a year ago and a drop of almost 22 percent from the previous month. 

“Even with a 55 percent increase in homes listed last month, we have strong demand for more homes and condominiums,” said 2019 Columbus REALTORS® President John Myers. “With prices up, if you are considering selling your home, now is the time to start that process by speaking with a REALTOR®.”

The median price of a home sold in January was $181,500, an increase of 5.2 percent from a year ago. The average sale price was $208,512, an increase of 1.3 percent over January 2018.

The month's supply of inventory during January was 1.4, up from 1.2 at the beginning of last year. The month's supply is calculated by taking the amount 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 a month and a half to sell all of the homes and condos currently for sale in central Ohio.

Inventory continues to remain lower than normal for this market. There were 3,818 homes and condos for sale at the end of January, up 12 percent from last January, but still lower than any previous year.

“Homeowners waiting for warmer months to list their home are missing out on opportunities to sell today,” added Myers. “Buyers are out there - and they’re not waiting for summer to buy.”

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 88 percent of central Ohio REALTORS® describe the current housing market as moderate to strong and 76 percent expect home prices to rise in 2019.

When asked how they think the residential real estate market will perform during the coming year, 15 percent think it will improve at a moderate rate, 35 percent believe it will continue at its current rate, and half believe the market will slow at a moderate rate.


Karin Waterschoot-Perez Headshot
Author:
Phone: 614-774-1741
Dated: February 22nd 2019
Views: 284
About Karin: Executive Vice President of Sales Experienced Realtor, Karin Waterschoot-Perez, currently serves ...

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