Central Ohio home buyers have been challenged by limited home inventories throughout most of 2015, which resulted in relatively short days-on-market and increasing home prices. Autumn is bringing some relief, with 2,905 residential units added to the market in October. This new volume is 6.8% higher the inventory that arrived on the market in October 2014.
However, total home inventory remains well below the market supply of October 2014. While we added good inventory last month, our overall supply of Metro Columbus homes for sale is down by 13.5% from a year ago. According to statistics by Columbus REALTORS®, Central Ohio home inventory hasn’t been this low since the year 2000.
Meanwhile, home sales remain brisk. During the month of October, 2,348 residential units were sold. Homes averaged 55 days on market through much of 2015, representing a historically-low sales timeframe.
Columbus area home prices, while increasing, are still a good value. The average sales price in October was $184,733, an increase of 1.7% from a year ago. Statewide, home prices are averaging $150,509, up 1.9% from a year ago.
Across the board, Ohio market activity is showing good momentum, with October home sales volume up by 4.9% compared to last year.
Please keep in mind that these statistics do not include home sales conducted outside of REALTOR® channels, such as homes sold by directly by an owner, or homes sold by a builder. There’s always a bit more home inventory on the market than what you’ll see by looking at the Multiple Listing Service! As Exclusive Buyer’s Brokers, we can show you any home on the market, and protect your interests throughout the entire home buying process.
Please also remember that the Central Ohio real estate market is highly localized, with market conditions varying by community, by neighborhood, and even street-to-street. Each home is unique, and market conditions change daily!
These are just some of the reasons to work with an Exclusive Buyer’s Broker when buying your Columbus home! As your Exclusive Buyer’s Broker, we serve your best interests at all times. Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
