Will condo sales rise in central Ohio?
(Aug. 21., 2019) – Columbus OH) – There were 3,334 central Ohio homes and condos sold during the month of July which was a 3.3 percent bump from June and almost four percent higher than a year ago.
Of those sales, about 2,800 were single-family homes and just over 500 were condominiums according to the Columbus REALTORS® Multiple Listing Service.
“The new condo guidelines released by HUD last week could help would-be buyers become eligible for an FHA-backed mortgage,” said John Myers, 2019 President of Columbus REALTORS®. “Condos are often the most affordable, attractive option for first time home buyers.”
“These new rules have the potential to transform our housing market and regional economy, easing affordability constraints, maximizing first-time homebuyer assistance programs and putting homeownership in reach for countless families that would have continued to be denied this critical wealth-building opportunity.”
There were 3,868 central Ohio homes and condos put on the market during the month of July which is down slightly from last month and last year.
Even with the lackluster number of new listings, the total inventory of homes for sale last month climbed to 5,009, the highest this year, but still 3.4 percent behind 2018.
During the month of July, the median sales price of a home was $220,000, an increase of 7.3 percent over July 2018. The average sales price in July was $251,936, up 5.6 percent from a year ago.
Year to date (January through July), the median sale price ($210,900) is up 8.2 percent and the average sales price ($242,899) is up 6.2 percent and the from the same period one year ago.
“Even though homes are selling for higher prices due to the lack of inventory and strong demand, sellers need to be realistic when pricing their home,” added Myers. “Homes priced too high over their competition will usually sit on the market longer which can be a deterrent to would-be buyers.”
“That’s why it’s critical that sellers consult with a REALTOR® when marketing their home.”
Current housing report – July 2019
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