Although the number of homes put on the market tends to taper off as temperatures drop, there were 2,905 central Ohio homes and condos added to the market during the month of October, a 6.8 percent increase over the previous year, according to the Columbus REALTORS® Multiple Listing Service.
Inventory remains lower than any year since 2000. The total inventory of homes for sale during the month of October in central Ohio was 7,689, a decrease of 3.5 percent from the previous month and 13.5 percent lower than October 2014.
“Not only has inventory been extremely low this year, we’ve averaged 15-18 percent decreases over 2014 – which was also down,” said 2015 Columbus REALTORS® President Kathy Shiflet. “The increase in new listings in the last three months has been good news as it suggests the disparity is shrinking.”
There were 2,348 central Ohio homes and condos sold during the month of October, the second highest October on record.
“It’s well past the summer season and buyers are still eager to find that new home and make it their own,” said Shiflet. “If you’ve considered putting your home on the market at all, it’s still a great time to do so.”
The average sales price in October was $184,733, an increase of 1.7 percent over October 2014. The median sale price in October was $155,000, an increase of 3.3 percent from a year ago.
The average sales price is the total volume divided by the number of homes sold. The median is the midpoint -- half the homes sell for less, while half sell for more.
So far, during 2015, homes spent an average of 55 days on the market, which is the lowest year to date average on record.
According to the latest Housing Market Confidence Index, (By the Ohio Association of REALTORS®) 98 percent of central Ohio REALTORS® describe the current housing market as moderate to strong. Over the next year, 74 percent expect home prices to rise 0-5 percent and 13 percent expect prices to rise more than five percent.
Current housing report – October 2015
All housing reports
Columbus REALTORS® is comprised of over 7,000 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.
To view residential properties for sale, visit Realtor.com.
To view commercial properties for sale or lease in central Ohio, visit COCIE.org.
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