Home sales
highest since 2006 despite limited
inventory
(Apr. 22, 2015 – Columbus, OH) - View this article in a web
browser
Central
Ohio saw a healthy increase in contracts and closings last month despite the
lagging number of homes for sale in central Ohio.
The 2,147 houses,
condos and townhomes which changed hands in March 2015 were
up 47.8 percent over the previous month (1,453) and 16.6 percent over the
previous year (1,842). Year to date, home sales are up seven percent compared to
first quarter of 2014.
Additionally, there were 3,494 homes which went
into contract last month – up 36.3 percent over February
2015 (2,564) and up 13.9 percent from March 2014
(3,067). This marks a record high for the month of March.
“Buyers today understand
that, with the lack of inventory, they need to move quickly with a competitive
offer if they want to prevail,” said Kathy Shiflet, Columbus REALTORS® 2015
President. “Low interest rates and rising home prices are also highly motivating
factors.”
The uptick in new listings last month was welcome as tight
inventory levels continue to plague central Ohio. The 3,461 homes listed for
sale in March was up 46.3 percent over February and 1.2 percent from last
spring.
“The increase in new listings helps explain the large jump in
contracts last month. So, even though we had an influx of new listings,
inventory levels remain at record lows,” added Shiflet.
Using an average
of home sales over the last 12 months, it would take less than three months to
clear all available houses from the market. Not only is this the quickest on
record but a stark contrast to the 13.4 months supply in early 2008.
The
median existing-home price last month was $152,000, 5.6 higher than the median
sales price for an existing-home one year earlier. March also marked the 23rd
straight month of year-over-year home price gains.
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 94 percent expect housing prices to rise over the next
year.
Forty-one percent report higher than normal early spring activity
since the weather has shown signs of improving.
Current housing report
– March 2015
All housing
reports
Columbus
REALTORS® is comprised of over 6,500 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.Realtor.com.
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