(June 20, 2013) The latest central Ohio housing report showed May had the highest number of new listings in one month since April 2010. There were 4,213 new listing added to the market last month, up 19.6 percent from May 2012 (3,522), according to the Columbus Board of REALTORS®.
“As market confidence continues to improve, we’re going to see more houses go up for sale,” said Chris Pedon, President of the Columbus Board of REALTORS®. “Sellers can take full advantage of the low inventory and high competition (between buyers) by listing their home now – and it seems they are doing so.”
New listings weren’t the only good news for May. Central Ohio home sales skyrocketed, up 27 percent (2,756) from the same time last year (2,170), reaching the most home sales for the month of May on record and the fifth highest sales month on record.
The 10,134 home sales from January through May of 2013 were up 24.8 percent from the same period last year (8,123).
The median sales price of a home sold in central Ohio in May was $150,000, up 8.3 percent compared to one year ago ($138,500). The average sale price was $176,523, up 5.9 percent from the same time last year ($166,649).
Inventory still remains almost 16 percent lower (10,063) than the market saw last year at this time (11,971), which is the lowest during the month of May since 2003.
“With lower inventory, competition is fierce, which is driving up prices,” added Pedon. “But that obviously isn’t curbing people’s interest in buying homes. And these situations are exactly when the services of a REALTOR® can be indispensable.”
Area Market Reports