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Thursday, July 23, 2015
CENTRAL OHIO REAL ESTATE MARKET NEWS.....
Friday, June 26, 2015
CENTRAL OHIO REAL ESTATE NEWS.....
Central Ohio Housing Report - May 2015
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.
(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
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.
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
Thursday, April 23, 2015
CENTRAL OHIO REAL ESTATE MARKET NEWS........
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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.
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.
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.
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®
Saturday, January 24, 2015
CENTRAL OHIO REAL ESTATE MARKET NEWS......
Central Ohio Housing Report - December
2014
2014 was a year for multiple
offers and same day contracts in central Ohio
Two steps forward, one step back. That's how the
2014 housing recovery went in central Ohio as well as most local U.S. markets.
It was another recovery year but not without its hurdles – some new, some
familiar. Metrics like sales price and percent of sold price to list price
showed improvement, while inventory and new listings didn't quite meet
expectations.
While that data confirms that recovery is still underway, it also suggests that the 2014 recovery was not as strong as in 2013. Inventory losses meant less robust – yet still mostly positive – price growth. Since prices have risen, the affordability picture isn't what it was in 2012 or 2013, though affordability remains above its long-term average.
Factors such as inadequate mortgage liquidity, stagnant wage growth and student loan debt have served as impediments to both first-time and move-up buyers.
Home sales ended the year at 26,655 trailing 2013 (27,235) by 2.1 percent making 2014 the fourth highest year on record for home sales in central Ohio.
Of note was the uptick in sales during three of the last four months of 2014 and overall pending sales increased 2.5 percent to 27,823 for the year.
Columbus, Beechwold/Clintonville, Dublin, Gahanna, Grove City, Hilliard, Olentangy School District, Pickerington, Westerville and Worthington saw the most home sale activity throughout 2014.
“Interest rates remained lower than most expected which helped fuel buyer activity, said Kathy Shiflet, 2014 Columbus REALTORS® President. “However sales still fell flat due to the lack of inventory which plagued the market during most of 2014.”
Seller activity decreased 3.9 percent to 35,919 new listings. With 7,170 active listings as of the end of 2014, consumers had 27.3 fewer options at the end of 2014 than in 2013.
“Persistent price gains meant once-underwater sellers could finally list their homes,” added Shiflet. “But sellers are still looking for the extra confidence needed to sell.”
Those shopping for homes saw their searches return more homes and listings of higher quality as the Lender-Mediated market continued to shrink.
Due to the lack of inventory during 2014, more home sellers experienced multiple offers and same day contracts.
In 2015, watch for stronger seller activity to increase inventory levels, which could alleviate shortages in certain areas and segments
Prices in most areas enjoyed another year of gains. The overall average sale price of a home in central Ohio rose 5.1 percent to $183,099 for the year. Moreover, this is 2.9 percent higher than the average home sale price of $177,078 in 2005 during the height of the housing boom.
Central Ohio homes sold for 94.0 percent of the original list price during 2014. More importantly, homes sold for 96.9 percent of last list price.
“Pricing your home right from the start is the key to a timely transaction,” said Shiflet. “My advice is to pay attention to the comparable sales and follow the advice of your real estate professional.”
According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®) 67 percent of central Ohio REALTORS® expect the local housing market will improve at a moderate to fast rate and 31 percent believe it will continue at its current rate.
In almost every community, foreclosure and short sale activity is declining and is near multi-year lows. That's a good thing, since these distressed product types sell at a steep discount to their traditional counterparts. In 2014, the percentage of closed sales that were either foreclosure or short sale fell 37.6 percent to 16.4 percent.
If the economic tailwinds stick around as they should, housing will get a boost in 2015. Qualified first-time buyers need good jobs and access to mortgage capital. Watch for movement on housing finance reform. Rates should be stable until mid-2015, when the Federal Reserve is expected to raise the key federal funds rate.
By almost all measures, the economic landscape has improved. Recent gross domestic product growth is rising at a 5.0 percent annual rate. The national unemployment rate is under 6.0, down from a 10-year high of 10.0 in October 2009, and stocks are reaching all-time highs.
The deficit is down by two-thirds, gas prices are at multi-year lows and we're in the midst of the largest stretch of job gains on record. Given all that, 2015 should hold much promise.
Current housing report - December 2014
2014 Annual Report
All central Ohio housing reports
National 2015 housing forecast
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.
While that data confirms that recovery is still underway, it also suggests that the 2014 recovery was not as strong as in 2013. Inventory losses meant less robust – yet still mostly positive – price growth. Since prices have risen, the affordability picture isn't what it was in 2012 or 2013, though affordability remains above its long-term average.
Factors such as inadequate mortgage liquidity, stagnant wage growth and student loan debt have served as impediments to both first-time and move-up buyers.
Home sales ended the year at 26,655 trailing 2013 (27,235) by 2.1 percent making 2014 the fourth highest year on record for home sales in central Ohio.
Of note was the uptick in sales during three of the last four months of 2014 and overall pending sales increased 2.5 percent to 27,823 for the year.
Columbus, Beechwold/Clintonville, Dublin, Gahanna, Grove City, Hilliard, Olentangy School District, Pickerington, Westerville and Worthington saw the most home sale activity throughout 2014.
“Interest rates remained lower than most expected which helped fuel buyer activity, said Kathy Shiflet, 2014 Columbus REALTORS® President. “However sales still fell flat due to the lack of inventory which plagued the market during most of 2014.”
Seller activity decreased 3.9 percent to 35,919 new listings. With 7,170 active listings as of the end of 2014, consumers had 27.3 fewer options at the end of 2014 than in 2013.
“Persistent price gains meant once-underwater sellers could finally list their homes,” added Shiflet. “But sellers are still looking for the extra confidence needed to sell.”
Those shopping for homes saw their searches return more homes and listings of higher quality as the Lender-Mediated market continued to shrink.
Due to the lack of inventory during 2014, more home sellers experienced multiple offers and same day contracts.
In 2015, watch for stronger seller activity to increase inventory levels, which could alleviate shortages in certain areas and segments
Prices in most areas enjoyed another year of gains. The overall average sale price of a home in central Ohio rose 5.1 percent to $183,099 for the year. Moreover, this is 2.9 percent higher than the average home sale price of $177,078 in 2005 during the height of the housing boom.
Central Ohio homes sold for 94.0 percent of the original list price during 2014. More importantly, homes sold for 96.9 percent of last list price.
“Pricing your home right from the start is the key to a timely transaction,” said Shiflet. “My advice is to pay attention to the comparable sales and follow the advice of your real estate professional.”
According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®) 67 percent of central Ohio REALTORS® expect the local housing market will improve at a moderate to fast rate and 31 percent believe it will continue at its current rate.
In almost every community, foreclosure and short sale activity is declining and is near multi-year lows. That's a good thing, since these distressed product types sell at a steep discount to their traditional counterparts. In 2014, the percentage of closed sales that were either foreclosure or short sale fell 37.6 percent to 16.4 percent.
If the economic tailwinds stick around as they should, housing will get a boost in 2015. Qualified first-time buyers need good jobs and access to mortgage capital. Watch for movement on housing finance reform. Rates should be stable until mid-2015, when the Federal Reserve is expected to raise the key federal funds rate.
By almost all measures, the economic landscape has improved. Recent gross domestic product growth is rising at a 5.0 percent annual rate. The national unemployment rate is under 6.0, down from a 10-year high of 10.0 in October 2009, and stocks are reaching all-time highs.
The deficit is down by two-thirds, gas prices are at multi-year lows and we're in the midst of the largest stretch of job gains on record. Given all that, 2015 should hold much promise.
Current housing report - December 2014
2014 Annual Report
All central Ohio housing reports
National 2015 housing forecast
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®,
1/23/2015
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