Central Ohio Housing Report - March 2018

Inventory, closed sales on the rise in central Ohio

During the month of March, there were 3,485 homes and condos for sale in central Ohio, inching up over February by 3.2 percent. However, compared to a year ago, inventory is still down 17.3 percent. This left central Ohio with a 1.3 months supply of inventory at the current sales pace, according to the Columbus REALTORS® Multiple Listing Service.

“It’s encouraging to see inventory starting to increase in central Ohio,” said 2018 Columbus REALTORS® President Sara Walsh. “Sellers are realizing how hot the market is and are enjoying that advantage. Hopefully more sellers will follow suit, as we still have more buyers looking for homes than homes available to sell.”

There were 3,391 homes and condos listed during the month of March which is a whopping 42.9 percent more than February, but 0.1 percent less than March 2017.

The number of closed sales for March (2,381) also saw an significant increase of 41.6 percent greater than February although 8.6 percent below the same month a year ago.

“Central Ohio buyers were thrilled to see this influx in inventory and they wasted no time in committing to a new home,” Walsh said.

The average sale price of a home during the month of March in central Ohio was $219,939, which is 8.8 percent more than the same month a year ago. The median sales price was $185,000, up 9.5 percent from a year ago.

The median is the midpoint where half the homes sell for less, while half sell for more. The average sales price is the total volume divided by the number of homes sold.

“Home prices are continuing to climb and are a true reflection of how strong our market is in the greater Columbus region,” Walsh said. “This trend will likely continue as more homes are added to the market.”

Homes spent an average of 39 days on the market during the month of March, which is 5 days fewer than February.

According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 93 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 how they would describe their level of early spring sales activity, 46 percent of respondents said normal activity, 6.0 percent said lower than normal activity, but over half (58 percent) saw higher than normal activity.

Current housing report – March 2018
All housing reports

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.

To view residential properties for sale, visit www.Realtor.com.

National- Home Price Continue to Rise in February

ByLaura Kusisto

Laura Kusisto

The Wall Street Journal

April 24, 2018 9:05 a.m. ET

 

Home-price gains accelerated in February for the 70th-consecutive month, creating increasingly challenging conditions for buyers as interest rates also rise and inventory remains tight.

The S&P CoreLogic Case-Shiller National Home Price Index, which covers the entire nation, rose 6.3% in February, up from a 6.1% year-over-year increase reported in January.

The 10-city index gained 6.5% over the year, up significantly from 6% the prior month. The 20-city index gained 6.8%, up significantly from 6.4% the previous month. Economists surveyed by The Wall Street Journal had expected home-price growth to decelerate in February, with the 20-city index gaining 6.3%.

“With expectations for continued economic growth and further employment gains, the current run of rising prices is likely to continue,” said David Blitzer, managing director at S&P Dow Jones Indices.

Prices have risen for 70 consecutive months since May 2012, with annual increases averaging 6% over that time, Mr. Blitzer said. That compares to the previous housing boom, when price rose for 182 consecutive months from January 1992 to February 2007 and gains averaged 6.1%. That suggests strong price gains could have plenty of runway left.

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Home-price gains accelerated in 2017 compared with 2016. Nonetheless, economists expected the pace of price growth to slow this year, due to a new tax law enacted in late December that reduced the incentive for homeownership, as well as rising mortgage rates that make owning a home less affordable.

Affordability challenges and the shortage of inventory are dampening home sales. Existing-home sales increased 1.1% in March from a month earlier but declined compared with a year earlier, the National Association of Realtors said Monday.

Central Ohio Housing Report- February 2018

Inventory declines yet again in February

At the end of February, the number of homes and condos for sale was down to 3,376, which is just slightly (0.1) percent lower than January and 21.2 percent less than February 2017. This marks the 85th consecutive month of year over year declines in inventory and left central Ohio with a 1.2 months supply of inventory at the current sales pace, according to the Columbus REALTORS® Multiple Listing Service.

“The lack of inventory in central Ohio is a major obstacle for home buyers in today’s market,” said 2018 Columbus REALTORS® President Sara Walsh. “If you look at the number of homes sold in the first two months of 2018, it’s clear that buyers need to be prepared to move very quickly!”

The average sale price of a home during the month of February in central Ohio was $210,791, which is 10.4 percent more than the same month a year ago. The median sale price was $177,000, up 9.3 percent from a year ago.

There were 2,373 central Ohio homes and condos listed during the month of February, a 23.1 percent increase over January although 6.5 percent lower than the same month a year ago.

There were 1,681 homes and condos sold during the month of February which is 2.8 percent more than the previous month and 2.9 percent below February 2017.

“It’s encouraging that new listings are on the rise, but we are still in need of more inventory,” Walsh said. “There is no question the number of sales would be much higher if we had more homes and condos available to sell.”

Homes spent an average of 44 days on the market during the month of February, which is unchanged from the previous month.

According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 96 percent of central Ohio REALTORS® describe the current housing market in their area as moderate to strong and 98 percent describe their expectations for the housing market over the next six months as moderate to strong.

When asked about what change they’re seeing in the number of millennials expressing interest in purchasing a home, 71 percent of respondents said they saw a slight to substantial increase in interest, 25 percent said they saw no change in interest and 4.0 percent said they saw a slight decrease in interest.

Current housing report – February 2018
All housing reports

To view residential properties for sale, visit a REALTOR® web site.
To view commercial properties for sale or lease, visit COCIE.org.

Columbus Realtor Links to Report


Housing Market Central Ohio 2018

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Strong home prices..

 

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.

Current housing report – January 2018
All housing reports

http://www.columbusrealtors.com/NewsDetail/housing-report-jan18