“How’s the Market?” That is the most common question we are asked as Realtors.
The Columbus Ohio market is great! But it could still be better.
Let’s take a closer look at December home sales in the Columbus Metro Area and in the Dublin City School District and compare them to National Housing Statistics.
| Columbus | Dublin CSD | Nationwide | |
| Transactions | + 2.5% | + 46.4% | + 0.7% |
| Sales Price Change | + 4.2% | + 7.9% | + 11.9% |
| Median Sales Price | $138,500 | $248,750 | $185,400 |
| Days on Market | 73 | 84 | 73 |
| Months Supply | 3.9 | 2.9 | 5.9 |
All changes shown in this table are year over year. The number of homes sold in December 2013 in Columbus was 2.5% higher than in December 2012. The median price went up by 4.2%.
The Dublin School District on the other hand saw a huge jump in home sales of more than 46% in December while the sales price increase by almost 8%. Keep in mind that only 82 homes were sold in Dublin in total. For the whole year the number of sales were up by 9.7% and home values were essentially unchanged.
You can clearly see that Columbus is behind the national average in terms of home value improvement and median price of homes sold. However, the inventory (3.9 months supply) is much lower. If the inventory is less than 6 months we are talking about a sellers market, which you will find in many suburban school districts throughout Central Ohio.
National Housing Stats – Summary
This short video summarizes the national housing statistics for the month of December 2013.
Although the housing market has substantially improved nationwide, some parts of the country have suffered a backlash at the end of the year.
Why Have Home Sales Declined in the West?
The picture below shows how December home sales have changed in 4 different regions of the country. The West experienced a 10% decline, while the Northeast continued to expand.
It is important to note that declining sales in the West are mostly due to the lack of inventory. There are simply not enough homes on the market to satisfy the pent up buyer demand.
Will Central Ohio suffer the same fate like the Western States in 2014?
I believe there’s a good chance that suburbs will continue to experience a shortage of inventory. But we will also see an increase in new home construction, which may fend off a decline in the number of homes sold in 2014.
Now is a great time to sell!
Buyers are desperately looking for deals. And interest rates are still low, which means you will be able to move up to a bigger house while maintaining a low monthly mortgage payment.
What are your plans for 2014?
Are you considering a move?
Every subdivision is different! Call me at 614-975-9650, so I can help you decide whether now is the best time to sell or buy depending on where you live.