Thursday, August 20, 2015

CENTRAL OHIO REAL ESTATE MARKET NEWS.........

Central Ohio housing market shattered records in July

(August 20, 2015 – Columbus, OH)  - View this article in a web browser

Sales, prices and time to sell a home set records again during July 2015. The 3,208 home sales last month were up 1.9 percent over the previous month (June 2015) and up 11.7 percent from July of 2014. This also set a record high for any single month of home sales in any year.

Year to date home sales (January through July 2015) were 17,110 which was up 9.7 percent compared to the same period last year and the highest on record for the first seven months of any year.

“Demand remains high for both single family homes and condos in central Ohio,” said Columbus REALTORS® 2015 President Kathy Shiflet. “We continue to have buyers ready and waiting for homes to be listed for sale. So when a nice residence comes on the market, they’re wasting little time.”

During the month of July, homes spent an average of 43 days on the market (from listing to contract or close), which is down from 55 days one year ago and again, a record low for any month.

The average home sale price this year (January through July) was $193,164, up 5.6 percent from one year ago and the highest on record for this time period. July home prices averaged $206,691, up 3.9 percent from July of 2014 and yet another record high for any single month of any year.

At the end of July, there were 7,919 residential homes and condos for sale in central Ohio. Although this is 17.9 percent fewer than the number for sale in July of 2014 (9,644), it was the highest level of inventory yet in 2015.

Given the number of homes that were in contract at the end of July, we expect to see strong home sales again in August,” Shiflet said. “Plus we still have many families wanting to make a move before the school year gets too far underway.”

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 90 percent of central Ohio REALTORS® expect home prices to rise over the next year.

When asked what affect the higher home prices are having on consumers’ interest in buying a home, only 22 percent reported that interest has decreased slightly. Forty-four percent reported no change in interest and 32 percent reported that interest has increased slightly or a lot.

Additionally, 44 percent of those surveyed reported a slight increase in buyers purchasing a home without a mortgage (all cash). Forty percent reported no change.
 
Current housing report – July 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.
Copyright © 2015 Columbus REALTORS®, All rights reserved.
   
Source:  Columbus REALTORS®
8/20/2015
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Thursday, July 23, 2015

CENTRAL OHIO REAL ESTATE MARKET NEWS.....

June inventory highest this year; prices highest on record

(July 22, 2015 – Columbus, OH)  - View this article in a web browser

The total inventory of homes for sale during the month of June in central Ohio was 7,663, a 2.5 percent increase over the previous year and the highest thus far in 2015 according to the Columbus REALTORS® Multiple Listing Service.

“Central Ohio homeowners have realized it’s an opportune time to put their home on the market and the increase inventory reflected this,” said Columbus REALTORS® 2015 President Kathy Shiflet. “Both the real estate industry and the temperatures were hot last month!”

There were 3,984 central Ohio Homes and condos put on the market during the month of June, a 1.6 percent increase over June 2014 and just a slight decrease of .4 percent over May. Even so, the supply of homes for sale in central Ohio is still lower than it has been in 15 years.

“With the lack of inventory, today’s buyers are highly motivated to act quickly on homes that are put on the market,” Shiflet said. “If you’ve considered selling your home, now is the time to do it!”

There were 3,148 central Ohio homes and condos sold during the month of June, a 7.6 increase over May and a 4.8 increase over June 2014. This puts the total number of homes sold for 2015 at 13,782 which is the highest number of homes sold on record for the first six months of the year.

The number of homes in contract also inched up to 3,987, which is 3.1 percent higher than the previous month and a 12.6 gain over June 2014.

During the month of June, homes spent an average of 47 days on the market (from listing to close), which is down a whopping 24.2 percent (15 days) from the previous year and 13 percent (7 days) from May.

“Homes are flying off the market in central Ohio!” Shiflet said. “Homes are selling more rapidly than ever before and multiple offers as well as offers over list price are occurring more and more.”

During the month of June, the average home sale price was $206,061 – the highest for any month of any year on record. The average sale price of homes sold during the first half of the year (January through June) was $190,102 – another record high for central Ohio.

“Central Ohio home continue to increase in value,” Shiflet said. “This price appreciation is a boon to homeowners who are looking to build equity or move up.”

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®) 93 percent of central Ohio REALTORS® expect home prices to rise over the next year.

When asked how difficult it is for clients to secure financing in the current lending environment compared to a year ago, 56 percent said it remains the same, 30 percent said somewhat easier and 12 percent said it’s somewhat more difficult. 

Current housing report – June 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.
Source:  Copyright © 2015 Columbus REALTORS®, All rights reserved.
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Friday, June 26, 2015

CENTRAL OHIO REAL ESTATE NEWS.....

Central Ohio Housing Report - May 2015
By Columbus REALTORS®
Homes selling quickly in central Ohio!

(June 22, 2015 – Columbus, OH) There were 2,926 central Ohio homes and condos sold during the month of May, a 17.8 percent increase over April and an 8.4 percent gain over May 2014. This puts the total number of homes sold for 2015 at 10,531, which is highest number of homes sold on record for the first five months of the year, according to the Columbus REALTORS® Multiple Listing Service.

The number of homes in contract also climbed to 3,867, which is 12.4 percent higher than the previous year.

“The central Ohio housing market is hot! There is an incredible amount of buyer interest right now, and no one is wasting any time in purchasing a new home,” said Columbus REALTORS® 2015 President Kathy Shiflet. “May was a very active month. I don’t anticipate buyer interest or our active market waning anytime soon.”

During the month of May, homes spent an average of 54 days on the market (from listing to close), down 11 days from May 2014 and 8 days from the previous month.

“Homes in central Ohio are selling more quickly today than any other time in history,” Shiflet said. “We’re also more seeing multiple offers, offers over list price and same-day contracts than ever before. It’s simply a terrific time to sell your home!”

The average sales price of a home during the month of May in central Ohio was $199,860, which is a 9.1 percent increase over the previous year and a 6.7 percent increase over April. The median sale price in May was $169,900, up 9.6 percent from a year ago.

Year to date (January through May 2015), the average sale price of a home was $185,472 – up three percent from the height of the housing boom in 2005 and the highest on record.

“Home values are only continuing to appreciate, which is a tremendous advantageous for central Ohio homeowners who are looking to move up or build equity,” says Shiflet. “However as prices continue to inch up, this may begin to deter potential buyers.”

There were 4,006 central Ohio homes and condos put on the market during the month of May, a .4 percent increase over April and a slight decrease over the previous year by .6 percent. This put the total inventory of homes for sale at 7,476.

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®) 95 percent of central Ohio REALTORS® expect home prices to rise over the next year.

When asked about the debt load of their buyers, 43 percent said they observed their buyers’ debt loads to be decreasing, 34 percent said they observed no change, and 23 percent said they observed debt loads to be increasing.

Current housing report – May 201
All housing reports

Columbus REALTORS® is comprised of over 6,600 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 residential properties for sale, visit www.Realtor.com. To view commercial properties for sale or lease in central Ohio, visit www.COCIE.org.
Source:  Columbus REALTORS®
6/22/2015
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Thursday, May 21, 2015

CENTRAL OHIO REAL ESTATE MARKET NEWS....

Central Ohio Housing Market Heating up

(May 21, 2015 – Columbus, OH)  -

There were 3,987 central Ohio homes and condos put on the market during the month of April, a 15.2 percent increase over March and a 7.4 percent gain over April 2014. This increase put the total inventory of homes for sale at 7,003, according the Columbus REALTORS® Multiple Listing Service (MLS).

“Central Ohio sellers have gotten the message that it’s truly a great time to put your home on the market, which was made apparent by the significant number of new homes listed in April,” said Kathy Shiflet, Columbus REALTORS® 2015 President. “It’s clear the central Ohio housing market is really beginning to heat up!”

The average sales price of a home during the month of April in central Ohio was $186,419, which is a 6.3 percent gain over April 2014 and a 4.4 percent increase over the previous month. The median sale price in April was $159,000, up 6 percent from a year ago.

The average sales 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.

“Strong price growth, mostly due to lack of supply, is an advantage for central Ohio homeowners looking to move up or build equity,” says Shiflet. “But it’s also an impediment for current buyers who want to make a move before interest rates or home prices rise further.”

There were 2,404 central Ohio homes and condos sold in April 2015, which is a 12 percent gain over the previous month and a 3.9 increase over April 2014.

The number of homes in contract also climbed to 3,936 which was almost 13 percent higher than March, and a 12 percent jump from the same month a year ago.

During the month of April, homes spent an average of 62 days on the market (from listing to close), down 15 days from April 2014.

“We’re educating our buyers on the current market conditions and lack of supply,” adds Shiflet. “So they aren’t wasting any time when new inventory comes on the market.”

“Another option that should always be part of the conversation is new construction. We have many first-rate builders who have new homes available or can build one to incorporate the buyer’s preferences."

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®) 94 percent of central Ohio REALTORS® expect home prices to rise over the next year. When asked the reason for home sales not closing, 35 percent said inspection issues, 33 percent sited appraisal issues and 27 percent said financial issues were to blame.

Eighty-five percent said that what’s keeping local homeowners who want to sell their homes from putting them on the market is the lack of homes to buy after they sell. 
Current housing report – April 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.

Source:  Columbus REALTORS®, May 21, 2015

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Thursday, April 23, 2015

CENTRAL OHIO REAL ESTATE MARKET NEWS........

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.
Source:    Columbus REALTORS®
4/22/2015
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Monday, March 23, 2015

CENTRAL OHIO REAL ESTATE MARKET NEWS......

Central Ohio Housing Report - February 2015
Central Ohio home prices rising quickly

The average sale price of a home during the month of February was $180,527, which is a 10.4 percent gain over February 2014. The median sale price in February was $150,000, up 11.4 percent from a year ago, according to the Columbus REALTORS® Multiple Listing Service (MLS).

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.

“Both January and February have experienced significantly higher than normal sale prices due, in great part, to the lack of homes for sale right now,” said Kathy Shiflet, Columbus REALTORS® 2015 President. “We haven’t seen inventory levels this low since the 1990’s.”

At the end of February 2015, there were only 6,786 homes and condos listed for sale in the central Ohio region. This is the first time, since the 1990’s that inventory has dropped below 7,000.

There were 2,283 homes and condos put on the market last month - a 3.5 percent increase over January 2015 and a 2.4 percent increase over February 2014.

“Central Ohio homeowners are realizing it’s a terrific time to put their home on the market. I only anticipate the number of new listings to climb as the weather gets warmer in the coming months,” Shiflet said.

There were 1,413 central Ohio homes and condos sold in February 2015, which is a 10.3 percent increase over the previous month and just a 1 percent decrease over February 2014.

The number of homes in contract also rose to 16.1 percent over the previous month and increased 12.5 percent over February 2014.

During the month of February, homes spent an average of 79 days on the market (from listing to close), down from 99 days in February of 2014.

“The increase in homes sold and in contract is an indication that buyers are hungry and ready to pounce on inventory,” said Shiflet. “Buyers are eager, engaged and not wasting any time!”

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®) 97 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.

Sixty-one percent of central Ohio REALTORS® indicated that they have noticed a slight to substantial increase in the number of millennials (buyers 35 or younger) expressing interest in purchasing a home; 27 percent said that they have seen no change and 12 percent said they have seen a slight to substantial decrease.

Current housing report – February 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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Friday, February 27, 2015

CENTRAL OHIO REAL ESTATE MARKET NEWS........

Central Ohio Housing Report - January 2015
New listings on the rise in central Ohio

There were 2,283 central Ohio homes and condos listed for sale in January 2015, a 51 percent jump over the previous month and a 4.8 percent increase from January 2014, according to the Columbus REALTORS® Multiple Listing Service (MLS).

“This is a significant increase in the number of new listings for central Ohio,” Columbus REALTORS® 2015 President Kathy Shiflet said. “And this is definitely a much more dramatic increase than we usually see. People are usually slow to put their house on the market after the holidays, but these numbers indicate people aren’t wasting any time.”

The additional inventory brought the total number of homes and condos for sale to 7,048, which just trails December by two percent and is still a decrease of 14.9 percent from the previous year.

“Although inventory is still slightly down, more homeowners are realizing the elevated demand which currently exists,” Shiflet said. “This is a positive indication that the tight selection of inventory will quickly be changing in the coming months.”

“Given that sales prices have continued to trend upward over the last year and buyer interest continues to grow as well, we’re anticipating a very active spring in 2015.”

The average sales price of a home during the month of January was $175,692, which is a 10.6 percent gain over 2014. The average price is the total volume divided by the number of homes sold.

There were 1,317 homes and condos sold in January 2015, which is a decrease of six percent from January 2014 and a 32 percent decrease from the previous month. Fewer sales are due primarily to the drop in inventory over the past year.

On a national level, existing home sales are forecasted to rise about seven percent in 2015, behind a strengthening economy, solid job gains and an increase in home prices, according to National Association of REALTORS® Chief Economist Lawrence Yun.

“First-time buyers are expected to slowly return as the economy improves and new mortgage products are made available in the marketplace with low down payments and private mortgage insurance," Yun said.

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 91 percent expect housing prices to rise over the next year.

Sixty-four percent of central Ohio REALTORS® indicated that they have seen a slight to significant increase in the level of interest renters have expressed in buying; 32 percent said that they have seen no change and 4 percent said they have seen a slight decrease.

Current housing report – January 2014
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, visitwww.COCIE.org.
To view residential properties for sale, visitwww.Realtor.com.

Source:  Columbus REALTORS®

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