Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Feb. 3, 2018

Hottest Housing Market in Central Ohio History

2017 was hottest housing market in history for central Ohio

There were 32,218 homes and condos sold in central Ohio in 2017, which is 1.7 percent higher than 2016 and the highest number of homes sold on record for a single year, according to the Columbus REALTORS® Multiple Listing Service.

2017 also saw record high home prices. The average sales price of a home last year was $214,802, which is 6.3 percent above the previous year. The median sales price of a home in 2017 was $181,500, which was 6.8 percent higher than 2016.

During the month of December, the average sales price of a home ($214,735) was 10.0 percent higher than the same month a year ago. 

“The healthy economy of 2017 clearly produced many buyers who were persistent in the pursuit of home ownership,” said 2018 Columbus REALTORS® President Sara Walsh.

“Sales prices have continued to steadily inch up month after month, leaving us with one of the strongest housing markets on record.”

There were 1,493 central Ohio homes and condos listed during the month of December, a 1.2 percent increase over the same month a year ago, although a 29 percent drop from November.

The resulting inventory of homes for sale at the end of December was 3,876, which is 16 percent lower than November and the lowest on record in over 20 years. This marks the 83rd consecutive month of year over year declines in inventory. 

The declines in inventory left central Ohio with a 1.4 months supply of inventory at the current sales pace, which is another all-time low. This means that, if no more homes were added to the market, it would take less than 1.5 months to sell all the homes and condos currently for sale in central Ohio. (A balanced market is usually around 6.5 months supply.)

“It’s not unusual for listings to taper off during the holidays,” Walsh said. “We’ll begin to see an uptick as spring approaches, if not sooner.”

Given the shortage of inventory, it comes as no surprise that homes sold more quickly in 2017. On average, homes spent only 35 days on the market last year which was 11 days fewer than 2016. 

“More sellers should feel ready and eager to list in 2018,” adds Walsh. “Economic indicators such as unemployment rates and consumer confidence are at healthy levels, and sellers currently hold the keys in the buyer-seller relationship.”

According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 95 percent of central Ohio REALTORS® would describe the current housing market as moderate to strong. Over the next year, 95 percent of respondents said they expect home prices to rise and five percent said they expect them to level.

When asked how they think residential real estate will perform in 2018, 50 percent of respondents believe it will improve at a moderate to fast rate, 40 percent think the market will continue at its current rate, and 10 percent believe we’ll see a moderate slowdown.

Current housing report – December 2017
2017 Annual Report – Central Ohio Housing Market
All housing reports

Columbus REALTORS® is comprised of over 8,000 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.

To view residential properties for sale, visit www.ViewColumbus.com .

Posted in Market Updates
Jan. 13, 2018

Early Bird Discount

List Early and Save Big!

 Offering Aerial Drone Imagery, Walk-through Video Tours & Expert Social Media Advertising!

Early Bird Listing Discount

“The early bird gets the worm!” Get out and ahead of the spring selling crowd with an excellent discount!

  • We specialize in paid digital marketing! We go beyond just listing your home on the local MLS.  We make sure that your home receives the thousands of online impressions that it deserves!  We use the latest in advertising technology to place your home in front of as many qualified buyers as possible.
  • Professional photography, video and aerial image services!
  • Receive expert pricing analysis!
  • Courteous & Expert Service. The Greg Watson Team takes great pride in providing a top-notch professional advertising and negotiating service.  Checkout our Facebook, Twitter Linkedin and Google + pages online.
  • Over 10 Years Experience Serving Central Ohio!

 

Contact Greg Watson for additional details and to learn about how we can get you moving!

614-309-2083

 

Posted in Listing Services
July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates