2015 was record breaking for real estate in Columbus OH. The market beat its previous high of 2005 when housing boomed. The total number of homes and condos sold in 2015 was 29,408 – almost 2,000 units more than in 2005.
While December 2015 home sales were up by 6% and the average sales price was up by 3.6% and days on market were down by 17.6%, the listing inventory hit rock-bottom approaching just 6,010 homes for sale on the MLS.
This graphic at the top of this article shows the 3 year downward spiral of our listing inventory. Each year the number of homes for sale listed on the Columbus MLS dropped by approximately 1,000 units. Finding a suitable home has become difficult. Many buyers end up in bidding wars and pay ever increasing home prices.
Trouble on the Horizon?
Our office was unusually busy in early January. But there are some concerns that indicate a weak start of the home buying and selling season.
No Growth of the Listing Inventory
The number of new listings in December (1,529) was virtually identical like in December 2014.
Fewer Pending Purchase Contracts
December was the only month of the year where home sales exceeded new contracts. The number of pending contracts is a good indicator for future sales. It takes 30 to 45 days to close a transaction. In average only 75% of pending contracts actually close.
December 2015 Housing Stats
- Home Sales have increased by 6% to 2,158 units (compared to Dec 2014), that’s 313 more than in November. For the year we are up by 9.3%.
- Home Values have increased by 3.6% in December with an average sales price of $184,184.
- Days on Market were at 56 in December. That’s 17.6% lower than in December 2014.
- The Listing Inventory has dropped to 6,010 homes listed for sale – 16.2% lower than a year ago.
You can download the December housing report as well as local housing reports for your community at www.columbusrealtors.com/stats.