Central Ohio Housing Report - June 2018

By Columbus REALTORS®

  • Posted: 7/23/2018

Not all homes are selling quickly!

Central Ohio homes only spent an average of 23 days on the market during the month of June, which is 4 days fewer than May and is now the lowest on record, according to the Columbus REALTORS® Multiple Listing Service.  

“With more buyers than sellers, many homes are selling quickly in today’s market,” said 2018 Columbus REALTORS® President Sara Walsh. “However, not all homes are selling that quickly.”

Residential homes for sale in June show an average market time of 72 days and homes listed between $500,000 and $749,999 have been on the market for an average of 114 days.

The average sales price of a home during the month of June in central Ohio was $244,830, which is 8.7 percent more than June 2017 and the highest on record for any one month. The median sales price was $212,000, up 11.4 percent from a year ago and also a record high.

The average sales price of a home sold year to date (January through June) sold for an average of $226,669, up 6.6 percent from the first half of 2017.The median sales price for the first six months of 2018 was $192,500, up 7.5 percent.  

“It’s important to keep in mind that even though some homes are selling quickly, selling on your own isn’t advisable,” Walsh said. “Having a REALTOR® represent you is most beneficial in today’s complicated market.  Homes sold by REALTORS® sell for approximately 32 percent more.” 

Even with a dip in new listings, inventory increased to 4,912, up 9.9 percent over May, but still down 3.2 percent from last June. This left central Ohio with a 1.8 months supply of inventory at the current sales pace.

“It’s encouraging to see an increase in inventory,” Walsh said. “I hope sellers continue to realize it’s a tremendous time to list a home, because buyers are more than ready!” 

There were 3,338 homes and condos sold in June, which is 9.2 percent more than May, although down 5.1 percent from June 2017.

According to the latest Housing Market Confidence Index by the Ohio REALTORS®, 100 percent of central Ohio REALTORS® describe the current housing market in their area as moderate to strong and 87 percent expect prices to increase over the next year.

 

Current housing report – June 2018
All housing reports

Central Ohio Housing- Report - May 2018

Central Ohio Housing Report - May 2018

 

By Columbus REALTORS®

Market continues to heat up with record breaking sales prices

The average sales price of a home during the month of May in central Ohio was $235,133, which is 3.8 percent more than May 2017 and the average monthly sales price on record. The median sales price was $204,000, up 7.4 percent from a year ago. This is also a record high, according to the Columbus REALTORS® Multiple Listing Service.

“2018 is proving to be a solid year of healthy home price increases in central Ohio,” said 2018 Columbus REALTORS® President Sara Walsh. “This is a true indication of how strong our market is in the greater Columbus region. Even with more homes added to the market, this trend will likely continue this year.”

During the month of May, there were 4,394 homes and condos listed in central Ohio which is a whopping 18.8 percent more than April and 8.2 percent greater than the same month a year ago.

This brought inventory to 4,471, an increase of 16.1 percent over April. Compared to a year ago, inventory is still down 3.3 percent leaving central Ohio with a 1.6 months supply of inventory at the current sales pace. 

There were 3,056 homes and condos sold in May, which is 18.0 percent more than April, although down 7.0 percent from May 2017.

“REALTORS® are preparing anxious buyers for multiple offer competition in certain price ranges so the increase in inventory is more than welcome,” Walsh said. “It is not unusual to see this influx as we head into the summer selling season.”

Homes only spent an average of 27 days on the market during the month of May, which is 6 days fewer than April and ties with August 2017 for the lowest on record.

“Since we have more demand than supply right now, homes are spending less and less time on the market,” Walsh said. “This is similar to what we saw last summer."

"Buyers are so eager for inventory, they know they have to make a decision quickly. Yet, with this strong market, REALTORS® also have to buffer expectations for sellers in certain price points that not all homes sell in a month.”

According to the latest Housing Market Confidence Index by the Ohio REALTORS®, 98 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 the current market conditions and whether their sellers are becoming more or less realistic when anticipating the value of their home to list, 31 percent said sellers are more realistic, 40 percent said no change and 29 percent said less realistic.

Current housing report – May 2018
All housing reports

Columbus REALTORS® is comprised of almost 8,000 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.

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

 

Q1- 2018 Lender-Mediated Properties Report

 

Shortage of inventory affecting distressed properties sales
 
During the first quarter of 2018, the share of distressed inventory, sales and new listings was roughly one in twenty for central Ohio according to the Q1-2018 Lender-Mediated Properties report from Columbus REALTORS®.

A “lender-mediated” property is one that is listed as a bank-owned/REO, HUD, short sale, VA, or foreclosure.

The number of lender-mediated properties added to the market (new listings) during the first quarter was down 30.1 percent from a year ago.

As a result, the 158 lender-mediated properties for sale at the end of Q1-2018 was less than half of what it was a year ago, in addition to being down 21.4 percent from the previous quarter. Of those properties for sale, 150 were single-family homes and only eight were condos.

“The good news is that the number of distressed properties in central Ohio is a fraction of what it was several years ago,” said 2018 Columbus REALTORS® President Sara Walsh. “Conversely, with the lack of inventory, that is one less option available for buyers anxious to find a home.” 

With fewer distressed properties for sale, lender-mediated sales dropped to 363 during the first quarter, down 41.0 percent from the 615 distressed homes sold during the same period in 2017.

The median sales price of all residential properties sold during the first quarter of 2018 rose 8.5 percent compared to one year ago. The median sales price of a traditional home rose 5.7 percent to $185,000, yet the median sales price of a lender mediated home only increased by 4.0 percent to $75,000.

Homeowner Equity Growth Streak Continues

DAILY REAL ESTATE NEWS | THURSDAY, JUNE 07, 2018

Homeowners with a mortgage saw their equity rise 13.3 percent year over year, according to CoreLogic’s Home Equity Report for the first quarter of 2018, released Thursday. The average homeowner gained $16,300 in home equity between the first quarter of 2017 and the first quarter of 2018. That is the highest growth in home equity in four years. 

“Home-price growth has accelerated in recent months, helping to build home-equity wealth and lift underwater homeowners back into positive equity,” says Frank Nothaft, CoreLogic’s chief economist. 

Western states saw the largest uptick in home equity. California homeowners gained $51,000 on average in home equity, while Washington homeowners saw about $44,000 on average, in equity.

“Home equity balances continue to grow across the nation,” says Frank Martell, president and CEO of CoreLogic. “In the far Western states, equity gains are fueled by a long run in the home price escalation. With strong economic growth and higher purchase demand, we expect these trends to continue for the foreseeable future.” 

Central Ohio Housing Report - April 2018

By Columbus REALTORS®

Columbus ranks 4th hottest market

Columbus ranked No. 4 last month on Realtor.com's list of the nation's hottest housing markets based on how many hits each home listing gets as well as how quickly homes are selling.

The national spotlight found the central Ohio area as showing activity increased 12 percent in April versus the previous month and homes spent just over a month (33 days) on the market during the month of April, according to the Columbus REALTORS® Multiple Listing Service.

“In this hectic market place, as professionals, it is our job to take care of all the details, construct a clear contract, and calm the emotional storm that is part of the buying and selling process,” said 2018 Columbus REALTORS® President Sara Walsh. “As REALTORS®, we are finding ourselves in nearly daily communication with our clients who are committed to finding a home or preparing to sell.”

There were 3,698 homes and condos listed during the month of April which is 9.1 percent more than the previous month and 3.6 percent more than April 2017.

With the addition of those new listings, there were 3,850 homes and condos for sale in central Ohio, down 11.2 percent from last year, but up 10.5 percent from the previous month as the housing market heads into the spring selling season.

“Inventory made a solid jump last month. I think that is a sign of positive things to come,” added Walsh. “Sellers realize there is a tremendous advantage in having their home on the market right now.”

Buyers responded positively to the growth in inventory this year as there were 2,590 closed sales in April, which is 8.8 percent more than March and 2.3 percent more than a year ago.

Year to date (January through April), the average sales price of a home in central Ohio was $216,784, an increase of 7.3 percent from April 2017. The median sales price was $182,350, up 7.9 percent from the same month a year ago.

“Home values continue to increase which is an incredibly positive sign of the strength of the central Ohio market,” Walsh said. 

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 in their area as moderate to strong and 98 percent said they expect home prices to rise over the next year.

When asked what’s keeping homeowners who want to sell their homes from putting them on the market, 98 percent of respondents said the lack of homes to buy after present owner sells and two percent of respondents said that homeowners are waiting to sell their home for a higher price.

Current housing report – April 2018
All housing reports

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