Central Ohio Housing Report - June 2018
Central Ohio homes only spent an average of 23 days on the market during the month of June, which is 4 days fewer than May and is now the lowest on record, according to the Columbus REALTORS® Multiple Listing Service.
“With more buyers than sellers, many homes are selling quickly in today’s market,” said 2018 Columbus REALTORS® President Sara Walsh. “However, not all homes are selling that quickly.”
Residential homes for sale in June show an average market time of 72 days and homes listed between $500,000 and $749,999 have been on the market for an average of 114 days.
The average sales price of a home during the month of June in central Ohio was $244,830, which is 8.7 percent more than June 2017 and the highest on record for any one month. The median sales price was $212,000, up 11.4 percent from a year ago and also a record high.
The average sales price of a home sold year to date (January through June) sold for an average of $226,669, up 6.6 percent from the first half of 2017.The median sales price for the first six months of 2018 was $192,500, up 7.5 percent.
“It’s important to keep in mind that even though some homes are selling quickly, selling on your own isn’t advisable,” Walsh said. “Having a REALTOR® represent you is most beneficial in today’s complicated market. Homes sold by REALTORS® sell for approximately 32 percent more.”
Even with a dip in new listings, inventory increased to 4,912, up 9.9 percent over May, but still down 3.2 percent from last June. This left central Ohio with a 1.8 months supply of inventory at the current sales pace.
“It’s encouraging to see an increase in inventory,” Walsh said. “I hope sellers continue to realize it’s a tremendous time to list a home, because buyers are more than ready!”
There were 3,338 homes and condos sold in June, which is 9.2 percent more than May, although down 5.1 percent from June 2017.
According to the latest Housing Market Confidence Index by the Ohio REALTORS®, 100 percent of central Ohio REALTORS® describe the current housing market in their area as moderate to strong and 87 percent expect prices to increase over the next year.