Central Ohio housing inventory tops out in September

Staff report

The total inventory of homes for sale during the month of September in central Ohio reached its highest level thus far in 2015, coming in at 7,971, according to the Columbus REALTORS® Multiple Listing Service.

“Homeowners have heeded the advice that it’s truly a fantastic time to put your home on the market,” said 2015 Columbus REALTORS® President Kathy Shiflet. “The amount of inventory on the market in central Ohio has only continued to climb each month, even past the summer season.”

There were 3,129 central Ohio homes and condos put on the market during the month of September, a 2.3 percent increase over the previous year, although a 10.2 percent decrease from August.

There were 2,573 central Ohio homes and condos sold during the month of September, a 5.0 percent increase over the previous year, however down 10.6 percent from August.

Year-to-date (January through September), the number of closed sales in central Ohio was 22,777, which is a 10.1 percent gain over 2014.

According to Shiflet “The market is hotter than previous years and both buyers and sellers have really gotten that message.”

During the month of September, homes spent an average of 44 days on the market, which is a decrease of 22.8 percent over September 2014 and two days shorter than the previous month.

Year-to-date, the average number of days that central Ohio homes spent on the market was 55, which is a 19.1 decrease over the previous year and a record low.

“Buyers continue to be eager and hungry for inventory,” Shiflet said. “They aren’t holding back when it comes to going after homes that pique their interest.”

During the month of September, the average sales price was $194,758, an increase of 8.4 percent over September 2014. The median sale price in September was $161,000, a gain of 6.9 percent from a year ago. Year-to-date, the average sales price ($194,055) is up 5.5 percent and the median sale price ($161,000) is up 4.5 percent from the same period one 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.

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 85 percent of central Ohio REALTORS® expect home prices to rise over the next year.

With regard to multiple offers, 13 percent said they’re seeing no difference, 59 percent said multiple offers have increased somewhat and 24 percent said multiple offers have increase a lot.

Staff report