614-975-9650

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.

Columbus home sales 2016 by price range

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 OH average home sale price since 2012

Dublin School District – 1,305 sales in 2016

Dublin OH school district average home sale price since 2012

Powell – 234 sales in 2016

Powell OH average home sale price since 2012

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.

Call or text me this week at 614-975-9650 so we can plan ahead!

Susanne has been a Real Estate Agent for 10 years, she spent 5 years at an independent brokerage before her and her husband opened a RE/MAX brokerage in Dublin, OH. She has worked with hundreds of clients to find their perfect homes. She works diligently to get you the most money when you sell your house and she goes above and beyond to find the right homes that you are looking to buy.

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