Inventory finally inching up in central Ohio
Insight – Given the tight housing market - Buyers need to be prepared to act quickly and purposefully if they find a home they wish to buy. Read below supporting this insight.
(May 20, 2016 – Columbus, OH) – Inventory finally began inching up during the month of April in central Ohio, with the total inventory coming in at 5,361. This is a 1.2 percent increase over the previous month, although still down 23.4 percent from April 2015, according to the Columbus REALTORS® Multiple Listing Service. There were 3,910 central Ohio homes and condos added to the market during the month of April, up 11.8 percent over the month of March, although a slight decline of 2 percent from April 2015. Sales prices also continued to climb reaching record highs again in April.
The average sales price of a home in April was $202,393, a 9.5 percent increase from the previous year and a 5.7 percent increase over March. The median price in April was $169,900, a 7.5 percent increase from a year ago. There were 2,671 central Ohio homes and condos sold last month, a 13.1 percent increase over the previous month and a 6.5 percent increase over the same period in 2015.
During the month of April, homes spent an average of 52 days on the market, which is 7 days shorter than March and 10 days shorter than the same month last year. The months supply of inventory during April in central Ohio was 2.0, which remained the same as the previous month, although is 31 percent lower than a year ago. The months supply is calculated by taking the amount of inventory divided by average monthly sales over the last 12 months. In other words, if no more homes were added to the market, it would take about 2 months to sell all of the homes and condos currently for sale in central Ohio. “Even with the increase in inventory, the number of homes for sale is still low for central Ohio which increases competition for the homes that come on the market,” added Royer.
According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 44 percent reported the main reason transactions have not closed in the past year was due to inspection issues, 33 percent were due to appraisal issues, and 27 percent due to financing issues. When asked what is keeping home owners who want to sell, from putting their house on the market, 92 percent said the lack of homes to buy after their present home is sold. Seventeen percent reported home owners are still under water, 17 percent had concerns about the economy, and 15 percent are waiting to sell for a higher price.
Fun Facts- Check out your area home stats: Current housing report – April 2016 All housing reports
Comments(1)