There were 2,531 central Ohio homes and condos sold during the month of March, a solid 50.8 percent increase over February and a 3.9 percent increase over the same month a year ago.
This was the highest number of home sales on record for the month of March as well as the highest sales for the 1st quarter according to the Columbus REALTORS Multiple Listing Service.
“The record home sales that we’re seeing is a direct reflection of the strong job growth here locally as well as low interest rates for mortgages,” said 2017 Columbus REALTORS President Mic Gordon. “Home sales could have been even stronger, but inventory limited growth.”
There were 3,372 central Ohio homes and condos added to the market in March, which is a 4.1 percent decrease from March 2016 and the lowest number of new listings recorded for the month of March, when inventory traditionally begins to climb.
“We keep thinking the inventory couldn’t get any lower – but it continues to decline,” Gordon said. “Even with the addition of new listings, inventory dropped to just over 4,200 at the end of March making it the 74th straight month of year over year decreases.”
During the month of March, central Ohio homes and condos spent an average of 46 days on the market, which is 6 days fewer than February and 13 days less than March 2016.
The averages sale price of a home in March was $203,924, up 6.8 percent from one year ago and 7 percent from February. The median sales price was $170,000 a 4.3 increase over March 2016.
The average sales 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.
“The tight supply of for-sale homes is helping to push prices upward,” said Gordon. “Homeowners should give serious consideration to selling under these advantageous conditions.”
According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS, 98 percent of central Ohio REALTORS said they would describe the current housing market as moderate to strong.
When asked how they would describe their level of early spring sales activity, 45 percent said they’re experiencing higher than normal activity, 33 percent said they’re experiencing normal activity, and 22 percent said they’re experiencing lower than normal activity.