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.
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.
Source: Columbus REALTORS®, May 22, 2014
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