Central Ohio home prices rising quickly, with inventory at decades low
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.
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.
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!”