Home prices continue to rise in central Ohio – November Market Update

(Dec. 19, 2013 Columbus, OH) – The sale price of a home in central Ohio year to date (January through November) stands at $174,130 which is 3.7 percent higher than homes sold during the same period of 2012. The average sale price of a home during the month of November was $169,655, an increase of 2.8 percent over sale prices one year ago according to the Columbus REALTORS® Multiple Listing System (MLS).

November home sales came in at 1,812 which were 10.3 percent behind sales in November of 2012. Even so, sales for the year (January through November) are up to 25,191 – 17.8 percent higher than 2012.

“It just so happens that home sales last year marked a record for the month of November,”” said Chris Pedon, 2013 president of Columbus REALTORS®. “Given our lower inventory levels, it’s not surprising sales took a bit of a hit last month.”

The number of homes and condos for sale in the Columbus region is just over 9,600, almost five percent lower than inventory levels a year ago.

“Inventory levels usually drop off during the holiday season,” adds Pedon. “But we haven’t seen inventory levels this low since 2002 so competition is fierce. As we still have buyers looking to make a commitment by the end of the year, and I’d advise any homeowner looking for an advantage to consider the market today.”

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