Here are the national real estate statistics for December 2016:
Home sales ended the year up at 5.6 million! The average home price is down slightly - 1.3% from the previous month at $232,000, but up 6% from this same time last year.
The national average interest rate for a 30 year fixed rate mortgage is up to 3.94% which is still considered historically low.
The Columbus Market
Central Ohio housing market saw record highs and lows in 2016!
"Central Ohio ended 2016 with the highest number of home sales and the highest home prices on record. 2016 also saw the lowest months supply and days on market, due to the lowest inventory levels on record for the Columbus REALTORS® Multiple Listing Service.
The 31,532 home sales recorded in 2016 rose 6.8 percent above 2015 and marked a 58.9 percent increase from our lowest point (2011) since the last housing boom in the mid 2000’s. Of those sales, 26, 832 were single family homes and 4,700 were condominiums." Information via Columbus Board of REALTORS®
"Throughout 2016, the number of homes on the market stayed an average of 21.8 percent lower than in 2015.
Central Ohio experienced the lowest inventory on record in the month of December 2016 with only 4,653 homes and condos available for sale. This is a 13.8 percent decline from November and 26.1 percent drop from the previous year.
The months supply of inventory at the end of 2016 hit a record low at 1.7 meaning that, if no more homes were added to the market, it would take less than two months to sell all of the homes and condos currently for sale in central Ohio. (A balanced market is usually around 6.5 months supply.)
During 2016, central Ohio homes and condos spent an average of 43 days on the market – 12 days fewer than 2015 and another record low." Info via Columbus Board of REALTORS®
For a quick review of the market statistics check out my infographic below with data from the Columbus Board of REALTORS®:
“With the highest sales and prices, yet the lowest inventory, 2016 was indeed a year of record highs and record lows for the Columbus region,” said Gordon. Many houses are selling almost as quickly as they come on the market, which further affirms how attractive and desirable homes are in central Ohio.”
"There were 1,468 central Ohio homes and condos added to the market in December, which is a 2.5 percent decrease in inventory from one year ago and 33.3 percent lower than the previous month (November).
The average sales price of a home in December was $196,225, up 7.2 percent from last year. The median sales price was $163,000, a 5.2 percent increase over December 2015.
There were 2,252 central Ohio homes and condos sold in December, which is a 1.1 percent increase over the previous month and remains unchanged from December 2015.
According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 94 percent of central Ohio REALTORS® would describe the current housing market as moderate to strong and 92 percent expect home prices to rise over the next year.
When asked how the residential real estate market will perform in 2017, 45 percent said it will improve at a fast to moderate rate, 43 percent said it will continue at its current rate and 12 percent said it will slow at a fast to moderate rate." Info via Columbus REALTORS®
“Soaring home prices are another reflection of how hot the central Ohio housing market is, which continues to be beneficial for anyone who might be looking to list their home for sale, With inventory at a record low, there couldn’t be a better time than the present to put your home on the market.”
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 – December 2016
Annual 2016 housing report
All housing reports
Columbus REALTORS® is comprised of over 7,700 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.
