Housing Demand Remains High in Central Ohio
September home sales were 13.1 percent higher than last year demonstrating that housing demand in the Columbus region continues to remain strong. Sales for residential homes and condos through the third quarter rose 22.4 percent from last year and stand as the second highest on record for the first nine months of the year according to Columbus REALTORS®.
Condo sales were up 8.3 percent in September and are up 26.5 percent for the year. Existing home sales jumped 14 percent in September and are 21.7 ahead of last year.
“The demand is there,” says Chris Pedon, 2013 president of Columbus REALTORS®. “Kids are back in school, fall is here, and the holidays are around the corner. But we still have a lot of folks who are looking to buy a home.”
The number of homes on the market last month remained higher than much of 2013, but is still 5.9 percent lower than inventory levels one year ago.
Prices maintain their climb as demand continues to exceed supply. The average sale price of a home sold in September was $174,735, up 4.2 percent from September of 2012. The average price of homes sold January through September is $174,853, up 3.5 percent from the first nine months of last year.
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 as moderate to strong, but only 95 percent expect the housing market to be moderate to strong over the next six months. As for home prices, 91 percent expect home prices to remain the same or rise over the next year.
“Although there is a good selection of homes and condos on the market in all price ranges right now, REALTORS® are still seeking more sellers to meet the elevated demand,” adds Pedon. “If you’re a homeowner who has considered moving up or downsizing, you don’t need to wait. Today’s market offers solid advantages.”
Columbus REALTORS® is comprised of over 6,000 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.
The monthly housing reports can be found at www.ColumbusRealtors.com/stats. The reports include breakouts for 18 central Ohio counties and 53 local municipalities and school districts. Buckeye Valley Schools was added to the reports in February 2013.
For more information about the central Ohio housing market, visit www.ColumbusRealtors.com/stats.