Demand for homes high in central Ohio

Demand for homes high in central Ohio

(June 23, 2014 Columbus, OH) –  There were 3,935 central Ohio homes and condos listed for sale in May 2014, 7.1 percent lower than the previous year, but up 6.2 percent from April.

With an inventory level of 8,766, the number of homes on the market is 12.9 percent lower than May 2013 according to the Columbus REALTORS® Multiple Listing System (MLS).

“We’re averaging over 125 homes listed for sale daily, but the demand continues to outpace the supply,” said Milt Lustnauer, 2014 president of Columbus REALTORS®. “Home sales continue to rise as we move into summer, so it’s a great time to sell your home with buyer interest so high right now.”

There were 2,569 central Ohio homes and condos sold in May 2014, up 17 percent from the 2195 homes sold the previous month

The average sale price was $184,474, which was up 4.9 percent than last year and up 4.7 percent from April.

“Sales prices in central Ohio continue to climb, as they have since the beginning of the year,” Lustnauer said. “Unlike during the housing boom, home price increases are reasonable and sustainable so we anticipate prices continuing to rise at this type of pace throughout the year.”

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®) 100 percent of central Ohio REALTORS® describe the current housing market as moderate to strong and expect it to remain so over the next six months. Ninety-four percent of central Ohio REALTORS® also expect housing prices to rise over the course of the next year.

Given current market conditions, 39 percent of sellers in central Ohio are becoming more realistic when anticipating the value of their home to put on the market. But 42 percent seem less realistic about the value of their home.

Current housing report – May 2014
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Columbus Ohio April 2014 Report: Prices up; inventory low

(May 22, 2014 Columbus, OH) –  The median sale price of a home in April 2014 was $151,900 which was 10.3 percent higher than the previous year and also up 10.3 percent from the previous month. The average sale price was $176,801, which was up 8.1 percent than last year and up 2.8 percent from March.

The average 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.

“Sales prices have consistently been up for the last few months, fortunately for sellers,” said Milt Lustnauer, 2014 president of Columbus REALTORS®. “If you’re considering listing your home, right now is a great time to do it. There are still more buyers than sellers in the central Ohio market and sales prices continue to increase.”

There were 2,127 central Ohio homes sold in April of 2014, 15.2 percent lower than April 2013, but up 18.4 percent from the previous month.

There were 3,697 central Ohio homes and condos listed for sale in April 2014. Although down 7.4 percent from inventory one year ago, this is up 7.8 percent from the 3,428 added the previous month according to the Columbus REALTORS® Multiple Listing System (MLS).

With an inventory level of 8,279, the number of homes on the market is 16.7 percent lower than April 2013.

“Inventory in central Ohio is unfortunately still below what we expected it to be, particularly since there are a significant number of motivated buyers,” Lustnauer said. “However, as temperatures rise, the number of homes coming on the market are  increasing as well.”

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®) 95 percent of central Ohio REALTORS® describe the current housing market as moderate to strong 95 percent expect home prices to increase over the next year.

Although mortgage interest rates have risen slightly and are expected to continue increasing throughout the year, 39 percent of respondents think that home sales will increase regardless of higher interest rates.

Additionally, 34 percent are seeing higher than normal early spring activity.

Current housing report – March 2014

All housing reports

Columbus REALTORS® is comprised of over 6,000 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 commercial properties for sale or lease in central Ohio, visit www.COCIE.org.

To view residential properties for sale, visit www.terrrypenrod.com.

Central Ohio Home Inventory Rising With The Temperatures

Home inventory rising with the temperatures

(Apr. 20, 2014 Columbus, OH) –  There were 3,428 central Ohio homes and condos listed for sale in March 2014. Although down 2.1 percent from inventory one year ago, this is up 48.3 percent from the 2,310 added the previous month according to the Columbus REALTORS® Multiple Listing System (MLS).

“After one of the coldest winters on record, many sellers were waiting to put their home on the market,” said Milt Lustnauer, 2014 president of the Columbus REALTORS®. “It’s a great time to sell a home due to the lack of inventory available.”

“But it’s also a great time to buy a home as interest rates are likely going to increase. Buyers can undoubtedly get more home for their money today than they will be able totomorrow.”

The sale price of a home sold in March 2014 was $172,019, which was 6.6 percent higher than the previous year. The median sale price of $143,500 was up 6.3 percent compared to March 2013.

There were 1,796 central Ohio homes sold in March of 2014, 10.5 percent lower than March 2013, but up over 24 percent from the previous month.

With an inventory level of 8,066, the number of homes on the market is 13.9 percent lower than March 2013.

“Inventory levels are still lagging in central Ohio, much to the chagrin of a significant number of motivated buyers right now,” said Lustnauer. “With temperatures on the rise, we expect inventory to continue in that direction as well in the coming months.”

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®) 95 percent of central Ohio REALTORS® describe the current housing market as moderate to strong and 98 percent expect the market to be moderate to strong over the next six months. As for housing prices, 95 percent expect housing prices to rise over the next year. Additionally, since the weather has started to improve, 34 percent of respondents have seen higher than normal early spring activity.

Current housing report – March 2014

All housing reports

Columbus REALTORS® is comprised of over 6,000 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 properties for sale, visit www.terrypenrod.com

Full report

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Realtors: Low inventory and frigid temperatures kept Feb. homes sales flat in Central Ohio

Low inventory and frigid temperatures kept Feb. homes sales flat

(Mar. 20, 2014 Columbus, OH) – February home sales were only slightly off pace from the same time last year, when home sales saw their highest numbers since the boom. There were 1,444 central Ohio homes sold in February of 2014, 6.2% lower than February 2013 (1,539), according to the Columbus REALTORS® Multiple Listing System (MLS).

“Inventory is still down in central Ohio, which is hindering the potential of our already strong housing market,” said Milt Lustnauer, 2014 president of the Columbus REALTORS®. “Given the low inventory and abysmal weather, we’re only a few steps behind what turned out to be a record breaking year, last year.”

The sale price of a home sold in February 2014 was $164,595, which was 9.2 percent higher than last year. The median sale price of $135,000 was up 10.4 percent compared to February 2013.

The average 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.

At an inventory level of 8,066, the number of homes on the market is 10.7 percent lower than February 2013. However there were 2,310 homes listed for sale in February, up slightly from the 2,120 added the previous month.

“Many sellers were waiting out one of the worst winters on record,” added Lustnauer. “Now that the weather is warming up, we hope to see inventory levels jump back up.”

Full report

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