December 2016 home sales were flat as compared to a year ago, but home values keep rising. We did not see the usual “December Spike” I mentioned in a previous market update.
Overall 2016 was a record year! Closed sales were up by 6.8% and home values rose by 5.8% for an average sales price of $202,224.
The inventory of homes for sale tumbled to yet another low. It ended the year with fewer than 5,000 homes for sale in Central Ohio.
Home Sales in Various Price Ranges
The Columbus Association of Realtors reports that 14% of all homes sold for $80,000 or less in an average of 61 days; likewise, 14% sold for $80,001 – $120,000, on average in 44 days; 19% sold between $120,001 and $160,000 in about 32 days; 29% sold for $160,001 – $250,000 in an average of 33 days; and 25% of homes sold for over $250,000 and took about 54 days to sell.
This chart shows how sales were distributed over these price ranges.
Dublin & Powell Home Values
Good news for home owners in Dublin or Powell! Home values have increased consistently over the past 5 years. The following charts show the average sold prices of residential properties during each of the past 5 years.
Dublin (City) – 790 sales in 2016
Dublin School District – 1,305 sales in 2016
Powell – 234 sales in 2016
December 2016 Columbus Housing Stats
Home Sales remained the same like last December with 2,252 units sold.
Home Values have increased by 7.2% year over year with an average sales price of $196,225 (that’s $3,000 lower than in November).
Days on Market were 45 in December. That’s 11 days shorter (-20%) than a year ago. The supply is only 1.7 months.
The Inventory dropped to the lowest level ever. Only 4,653 homes are listed for sale. That’s 22.6% lower than last year.
You can download the complete housing report and all local housing reports at www.columbusrealtors.com/stats.
Should You Be Concerned?
The lack of homes for sale is a serious problem for buyers. We already saw a lot of activity in January. This spring will be very competitive. If you plan to buy, I suggest you start looking now.
Although the market is hot in the middle price ranges, buyers are looking for updated, modern homes. Certain improvements are mandatory, if you want to sell quickly.
Whether you are buying or selling, NOW is the time to start.