The Columbus area summer record prices in 2016 and 2017 is proving to be a very good year as well. Homes are priced competitively, there's a good balance of buyers and sellers in many neighborhoods and micro markets throughout the Columbus area, yet inventory is lacking in other areas. This is driving up home prices and days on the market are quite low.
According to Columbus Realtors, there were 2227 Central Ohio homes and condos sold during the month of December 2016. This was a nearly 16% surge over the previous year. Year-to-date home sales are up nearly 30,000, and over 7% increase above the same period in 2015. This is one of Central Ohio's best real estate years on record. But again, inventory is where things are lacking. There were 5396 homes for sale during the month of December, which is a nearly 23% drop from the same month a year ago and an over 9% drop just from October.
Central Ohio homes and condominiums have been an average of 42 days on the market in November. As of February 2017, that number is at 52, down 21% from February of last year. The median list price of new properties is $185,000, at 9.4% increase from last year and the month supply of inventory is just at 1.6. This is extremely low. This absorption rate means that if no more homes came on the market as of today it would only take 1.6 months for all inventory to be purchased and off the market. That's extremely low. [Columbus Realtors Source]
Currently, the Columbus real estate market has a median sales price of $130,000 or $109 per square foot and a median rent per month at $1100. 93% of local Realtors and real estate agents have described the current housing market as moderate to strong and most would expect home prices to increase over the next year. This is according to the latest Housing Market Confidence Index by the Ohio Association of Realtors.
Most agents feel that now is a great time to buy in their buyers agreed. With home prices slowly inching upward, inventory plateauing or at a lower standard than normal, all of these factors create an extremely hot real estate markets. So, how long will it take to sell your house? It could take anywhere from 10 days to 60 days depending on pricing it correctly, how it is staged and presented and how quickly it can get in front of the right buyer. That all comes down to using the right real estate agent or Realtor to get it sold as quickly as possible. Give me a call - Let's see what we can do!