The average sales price has increased in Central Ohio every single month since early 2013. It is no surprise we hit a new record in May 2017. As more people move to Columbus there’s a tremendous need for housing. Despite an a booming apartment rental sector and a shrinking home ownership rate, there are way more buyers than homes for sale.
Catching up with 2016
The month of May 2017 turned out much better than expected. I predicted another down month, because of the low number of pending contracts in April. The housing market overcame the April “adjustment”, when home sales dropped by 10%, and caught up in May. We are now on track to match 2016.
Not surprisingly, the inventory remains at historic lows (17% below May 2016). Most suburban homes are snatched up within days and receive multiple offers. Buyers are even considering homes that haven’t been upgraded, as long as they are priced accordingly.
Cash buyers are winning the bidding wars. They can offer more than list price without the restraint of a low appraisal. This has become a challenge for many buyers who need to finance their purchase.
Average Sales Price Breaks New Record
The average sales price is up by 8.0% year over year at $227,783. That’s a new, all-time record. I anticipate it will break the $230K barrier in June or July.
The Buckeye Valley School District saw a stunning 43.7% increase with the average sales price at $435,806 (as compared to May 2016).
May 2017 Columbus Housing Stats
Home Sales were slightly down by 0.8% in May with 3,177 closed transactions.
Home Values have increased by 8.0% year over year with an average sales price of $227,783 (that’s $12,537 more than in April) – an ALL-TIME RECORD.
Days on Market were down to 33 in May. That’s 12 days shorter (-26.7%) than a year ago. The supply is only 1.7 months.
New Listings rebounded as 4,051 homes were listed for sale in May – 4.8% more than in May 2016.
The Inventory remains at historically low levels. Only 4,606 homes are listed for sale. That’s 17.6% lower than last year.
You can download the complete housing report and all local reports at www.columbusrealtors.com/stats
Susanne has been a licensed Realtor since 2007. She worked for a small independent brokerage for 5 years before she and her husband opened RE/MAX 24/7 in the Dublin Historic District. Susanne typically helps 50-60 families per year with their real estate needs. She will work diligently to help you get top dollar when you sell your house and tirelessly search for the perfect home if you are looking to buy.