Inventory on the rise in central Ohio
The inventory of homes for sale in central Ohio in July climbed to 5,184, a 5.5 percent increase over June, although still down 5.7 percent from July 2017. This is the highest inventory of homes listed for sale since last fall according to the Columbus REALTORS® Multiple Listing Service.
“The slight increase in inventory is encouraging for buyers,” said 2018 Columbus REALTORS® President Sara Walsh. “Buyers are still actively house hunting with both interest rates and home prices continuing to rise. Now is the time for serious buyers to partner with a REALTOR® to get their proverbial foot in the door.”
The increase in inventory is thanks to the 3,843 homes and condos that were added to the market in July. July’s new listings were 0.4 percent more than the same month a year ago, although down 5.6 percent from June.
“Central Ohio sellers recognize it continues to be an excellent time to put their home on the market,” Walsh said. “With the continued demand and good appreciation, sellers are reaping the benefits of homeownership.”
There were 3,208 homes and condos sold in July, which is 2.3 percent more than July 2017, although a slight dip of 3.8 percent from the previous month.
“Sales prices continue to rise which reflects the strength of our real estate market and buyers’ desire to achieve the American dream of homeownership,” Walsh said.
Across the central Ohio market, homes that sold during July were on the market for an average of 23 days, unchanged from June, with an average sales price of $238,655. The average sales price is 5.2 percent higher than the same month last year, but 2.5 percent below June. Median sales price was $205,000, up 6.0 percent from a year ago.
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 89 percent expect prices to increase over the next year.
When asked what effect higher home prices are having on consumers’ interest in buying in their area, 24 percent said they are seeing increased interest, 46 percent said no change in interest, and 30 percent said a decreased interest.