The Columbus housing market is still buzzing. During the first half of 2017, the median sale price for home values reached record highs with an average of $226,050 in June 2017. That’s 5.1% higher than a year ago. The number of homes sold is slightly higher than the previous year.
The main reason holding the market back is the historically low inventories of around 5,000 homes for sale. I expect an excellent second half of the year, because the number of pending sales is larger than usual, and there’s a lot of new construction activity happening in the area.
Housing Sales in Different Price Ranges in Q2 – 2017
In the second quarter (April – June 2017) most homes sold in the $100,000 to $200,000 price ranges. Not surprisingly, that’s where the highest demand is as more first-time home buyers enter the market.
The next chart shows that homes between $150K and $200K sell the fastest – in only 21 days (DOM) in average.
The next graphic compares active listings to closed sales. If the number of active listings is the same as closed sales the number is 1.0. Larger than 1 indicates that there are more listings than sales.
In all price ranges up to $400,000, there are fewer active listings than sales. That’s where we have an inventory shortage.
Buyers of expensive homes have a larger selection. However, with fewer buyers in the upper price ranges, it takes substantially longer to sell luxury homes.
June 2017 Columbus Housing Stats
Home Sales were slightly higher by 0.4% this June with 3,401 closed transactions.
Home Values increased by 5.1%, year over year with an average sales price of $226,050 (which is a little lower than in May).
Days on Market were down to 29 in June. That’s 7 days shorter (-19.4%) than a year ago. The supply is only 1.9 months.
New Listings 4,201 homes were listed for sale in June – 4.1% more than in June 2016.
The Inventory remains very low, but seems to level off. There are only 5,077 homes listed for sale. That’s 14.2% lower than last year.
You can download the complete housing report and all local reports at www.columbusrealtors.com/stats