Central Ohio Housing Report - October 2014

(Nov. 20, 2014 – Columbus, OH) - There were 2,335 central Ohio homes and condos sold in October 2014, which is a 9.9 percent gain from October 2013 and just 0.6 percent lower than the previous month’s sales, according to the Columbus REALTORS® Multiple Listing Service (MLS). 

The average sales price of a home also continued to climb for the eighth month in a row to $182,368 in October, an increase of 1.7 percent from the previous month and a 6.7 percent increase from October 2013. The average price is the total volume divided by the number of homes sold. 

“Many buyers heeded our advice and jumped on the market last month,” said Milt Lustnauer, Columbus REALTORS 2014 president. “With the increased inventory added in September and prices rising, we knew folks would get excited about the selection and value for their money.”

There were 2,697 homes and condos listed for sale in October 2014, which is a decrease of 8.1 percent from October 2013. The additional inventory brought the total number of homes and condos for sale to 8,890, which just trails September by 5.5 percent.

“The decrease in inventory is a customary reaction to the dropping temperature,” Lustnauer added. “Additionally, consumers tend to be preoccupied around the holidays and not focused as much on potentially listing their homes. So it’s actually a prime time to put your home on the market.”

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®) 92 percent of central Ohio REALTORS® describe the current housing market as moderate to strong and 84 percent expect housing prices to rise over the next year.

“Sales prices have climbed steadily throughout 2014 and buyer interest has remained high as a result,” Lustnauer said. “We can only expect that sales prices will continue to inch up in the coming months.”

Seventy-six percent of central Ohio REALTORS® indicated that the middle market has been in highest demand; 16 percent said the low-end and eight percent indicated the high-end market has been best this year.