Market Reports

Columbus Real Estate Market Update [October 2016]

Central Ohio Housing Market Remains Strong

Based on information supplied today by the Columbus Association of Realtors, September 2016 saw a record number of homes sales in Central Ohio

Takeaways

  • 2,869 homes sold in September 2016 – a record for the month of September
  • Median sales price +7.5% since September 2015
  • Homes sold in September 2016 spent 34 days on market versus 44 days on market for homes sold in September 2015
  • Homes sold in September 2016 sold for 96.2% of their original list price
  • Through September 2016, home sale inventory was 2.3 months (a balanced market for buyers/sellers has anywhere from 4-6 months of inventory for sale)
  • Read Full News Release Here

Sales Prices in Central Ohio Versus Ohio and Nationally

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Why Low Inventory Persists?

From CalculatedRiskBlog.com

“1) A large number of single family home and condos were converted to rental units. Last year, housing economist Tom Lawler estimated there were 17.5 million renter occupied single family homes in the U.S., up from 10.7 million in 2000. Many of these houses were purchased by investors, and rents have increased substantially, and the investors are not selling (even though prices have increased too). Most of these rental conversions were at the lower end, and that is limiting the supply for first time buyers.

2) Baby boomers are aging in place (people tend to downsize when they are 75 or 80, in another 10 to 20 years for the boomers). Instead we are seeing a surge in home improvement spending, and this is also limiting supply.”

Mortgage Rates

[graphiq id=”jzLIShvx87b” title=”US Fixed & ARM Mortgage Rates – 5 Years” width=”600″ height=”567″ url=”https://w.graphiq.com/w/jzLIShvx87b” link=”http://banks.credio.com” link_text=”Credio | Graphiq” ]

Select Market Updates

September 2016 Data Used in Calculations (comparisons versus September 2015)

City of Columbus

  • Median Sales Price: $146,500 (+7%)
  • Days on Market Until Sold: 25 (-30.6%)
  • Percent of Original List Price Received: 97.4%
  • Click Here for new Listings

Downtown Columbus (43215 Zip Code)

  • Median Sales Price: $305,750 (+6.9%)
  • Days on Market Until Sold: 25 (-66.2%)
  • Percent of Original List Price Received: 98.6%
  • Click Here for new Listings

German Village (43206 Zip Code)

  • Median Sales Price: $353,000 (+5.7%)
  • Days on Market Until Sold: 27 (-12.9%)
  • Percent of Original List Price Received: 95.7%
  • Click Here for new Listings

City of Grandview Heights

  • Median Sales Price: $387,500 (+31.4%)
  • Days on Market Until Sold: 45 (+350%)
  • Percent of Original List Price Received: 95.3%
  • Click Here for new Listings

City of Upper Arlington

  • Median Sales Price: $355,000 (+4.9%)
  • Days on Market Until Sold: 29 (+7.4%)
  • Percent of Original List Price Received: 96.1%
  • Click Here for new Listings

If you didn’t see your city or town listed above, click here to access all September 2016 market reports.

Weekend Outlook

Don’t hesitate to let me know if I can provide any real estate assistance to you, your friends, family or loved ones!