May was a busy month and home prices are setting records in central Ohio! We honored our fallen heroes on Memorial Day, showed our support for many new openings and attended events around the city. CCAD had another successful Senior Fashion Show, Columbus Cars and Coffee had their season opener at the Africa event center at the zoo, Columbus Startup Week was a huge hit and the North Market Apron Gala was a blast! There's a lot of construction going on, the roundup is here and CU has a fast forward for East Franklinton and the Scioto Peninsula.
Here are the national real estate statistics for May 2017:
The number of projected home sales rose to 5.7 million and the national median home price had an increase of 3.6% from last month to $236,000, which is up 6.7% from May 2016. The national average for a 30 year fixed rate mortgage is actually down to 4.03% which is a great incentive to buy in this seller's market! If you've been thinking of selling your home, now would be a great time. I would be happy to do a free Comparative Market Analysis so you can find out what your home is worth today. For specific questions on how these statistics affect you, please get in touch with me - pfjohnson@kw.com | 614.638.5817
The average sales price of home during the month of May in central Ohio was $227,783, which is 8.0 percent higher than one year ago (May 2016). Year to date (January through May 2017), the average sale price of a home in central Ohio is $209,217, which is 6.3 percent higher than the same period in 2016. These home prices are setting records according to the Columbus REALTORS® Multiple Listing Service.
There were 4,051 central Ohio homes and condos added to the market in May, which is a 14.3 percent gain over the previous month and 4.8 percent greater than May 2016. Even with the added listings, inventory (4,606) was still 18 percent lower than the number of homes for sale a year ago, leaving central Ohio with a 1.7 months supply at the current sales pace.
“These are the highest sales prices we’ve ever seen in central Ohio. Home values continue to soar and now is a better time than ever to put your home on the market if you’ve considered selling.”
There were 3,177 central Ohio homes and condos sold during the month of May, which is 28.2 percent greater than the previous month although a slight dip of 0.8 percent from May 2016.
Homes spent an average of 33 days on the market in May, which is 12 days fewer than the previous year and 7 days less than April. This is a new record low for the central Ohio housing market.
“It’s incredibly positive that new listings are increasing, however inventory continues to remain near record lows,” Gordon said. “We’ve seen inventory drop year-over-year for 76 straight months now.”
According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 81 percent of central Ohio REALTORS® describe the current housing market as strong, and 69 percent expect it to continue this way over the next six months. As for home prices, 98 percent expect prices to rise over the next year.
Article shared and all information sourced via the Columbus Board of Realtors. To view the original and for more info see below:
Current housing report – May 2017
All housing reports
Columbus REALTORS® is comprised of over 7,600 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.
