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Housing on track for second highest year – October Market Update

(Nov. 20, 2013 Columbus, OH) – Central Ohio home sales are on track to be the second highest year ever, despite the decrease in inventory according to the Columbus REALTORS® Multiple Listing System (MLS).

So far, there have been 23,292 homes and condos sold this year between January 1 and October 31. The current record for the first ten months of the year is 23,540 back in 2005. The 2,032 homes and condos sold in October fell 2.1 percent from the previous year (2,075).

“Sales dipped last month, not because we don’t have the demand, but because we don’t have the inventory,” said Chris Pedon, 2013 president of Columbus REALTORS®. “We’ve been publishing the lack of inventory for the last several months. We have buyers. But we need more houses and condos to show them.”

The number of residential homes on the market has dropped to just under 10,300, 1.4 percent less than a year ago and the lowest level of inventory at this time of year since 2002. Inventory has averaged almost 14,900 for the last five years, but has been dropping steadily over the last couple years.

As a result, home prices are rising. The average price of a home sold in central Ohio last month was $171,355, up 5.5 percent in the last year. Year to date prices (January through October) are averaging $174,589, 3.8 percent above the same period in 2012.

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 89 percent of central Ohio REALTORS® describe the current housing market as moderate to strong, but 95 percent expect the housing market to be moderate to strong over the next six months. As for home prices, 79 percent expect home prices to rise over the next year.

Seventy-nine percent of respondents said it takes sellers 2-4 weeks to prepare their home for sale including enhancing curb appeal, emptying the home of clutter, painting and other projects.

“As many homeowners make preparations for the holidays, it might also be a good time to consider listing their home for sale,” adds Pedon. “With inventory at a low, a well decorated home could add great appeal for buyers wanting to give themselves the gift of a new home this year.”

 

Area Market Reports

Housing demand remains high in central Ohio – September Market Update

(Oct. 21, 2013 Columbus, OH) – September home sales were 13.1 percent higher than last year demonstrating that housing demand in the Columbus region continues to remain strong. Sales for residential homes and condos through the third quarter rose 22.4 percent from last year and stand as the second highest on record for the first nine months of the year according to Columbus REALTORS®.

Condo sales were up 8.3 percent in September and are up 26.5 percent for the year. Existing home sales jumped 14 percent in September and are 21.7 ahead of last year.

“The demand is there,” says Chris Pedon, 2013 president of Columbus REALTORS®. “Kids are back in school, fall is here, and the holidays are around the corner. But we still have a lot of folks who are looking to buy a home.”

The number of homes on the market last month remained higher than much of 2013, but is still 5.9 percent lower than inventory levels one year ago.

Prices maintain their climb as demand continues to exceed supply. The average sale price of a home sold in September was $174,735, up 4.2 percent from September of 2012. The average price of homes sold January through September is $174,853, up 3.5 percent from the first nine months of last year.

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 100 percent of central Ohio REALTORS® describe the current housing market as moderate to strong, but only 95 percent expect the housing market to be moderate to strong over the next six months. As for home prices, 91 percent expect home prices to remain the same or rise over the next year.

“Although there is a good selection of homes and condos on the market in all price ranges right now, REALTORS® are still seeking more sellers to meet the elevated demand,” adds Pedon. “If you’re a homeowner who has considered moving up or downsizing, you don’t need to wait. Today’s market offers solid advantages.”

Area Market Reports

Columbus region home sales highest – ever! – August Market Update

(Sept. 19, 2013) Central Ohio home sales hit a new apex this summer and now stand at their highest point on record. The 18,834 homes sold as of Aug. 31 were 22.9 percent higher than the number of homes sold January through August of 2012 and further exceed any previous year. Homes sold during the month of August alone were 2,729, 11.1 percent higher than last year and another record high for sales during the month of August according to Columbus REALTORS®.

“Although we’ve seen positive gains all year, home sales over the summer were off the charts,” said Chris Pedon, 2013 president of Columbus REALTORS®. “There was only one summer – back in 2005 at the height of the housing boom – when we came close to seeing the volume of homes sold this year.”

School systems noticed the sales bump as enrollment increased for many. In addition to the City of Columbus, other school systems with high sales numbers in August included South-Western, Olentangy, Hilliard, Westerville, Dublin and Worthington. Although not necessarily in the top ten for numbers of sales, Washington Court House, Granville, West Jefferson, Northridge, London and Gahanna Jefferson school districts saw notable sales gains compared to August of 2012.

Having passed the peak of the summer sales season, pending home sales have started to decelerate. The 3,253 homes in contract as of Aug. 31 were 7.5 percent lower than July, but were still 9.2 percent higher than pending sales in August 2012.

The number of homes for sale in the Columbus area rose from 10,544 in July to 10,629 in August. This compares to 11,571 homes on the market last year.

Area Market Reports

Home sales breaking records in Columbus region – July Market Update

(Aug. 21, 2013) Central Ohio home sales are breaking the records this summer. Year to date sales (15,988) are 24.2 percent ahead of last year and the highest for the first seven months of any year recorded by Columbus REALTORS®.

Last month’s 2,825 homes sales were the highest on record for the month of July – and the third highest month on record just slightly behind August 2005 (2,875) and June 2006 (2,872).

The 3,515 homes put in contract last month (18.0 percent higher than last year) would suggest that the high sales trend is continuing.

“Pent up demand is fueling the country and Central Ohio is no exception,” said Chris Pedon, 2013 president of Columbus REALTORS®. “Prior to this year, the highest number of home sales we’ve seen in Central Ohio seven months into the year, was in 2005 during the height of the housing boom when we had 15,654 closings by the end of July.”

The median sale price of a home (January through July 2013) in the Columbus Region is $145,000 – up 4.4 percent from a year ago.

July saw 3,665 residential homes listed for sale, down seven percent from June, but up 16.6 percent from July of 2012.

Area Market Reports

Central Ohio home sales topping the charts – June 2013 Market Update

Central Ohio home sales continue top the charts this year as sales for the first six months of the year (13,031) were 22.2 percent higher than last year – and the next highest on record behind 2006 when the market saw 13,192 sales January through June.

The 2,810 closings last month were 10.4 percent higher than June 2012 and mark the 18th month of year over year sales increases according to Columbus REALTORS®.

There were 3,721 homes that went into contract in June which is 17.7 percent higher than the previous year.

“We’ve seen a significant increase in activity this year which jumped further when interest rates started to rise,” said Chris Pedon, president of Columbus REALTORS®. “If mortgage rates continue to increase, we could see a softening of the market. But for now, many buyers have either jumped off the fence or stepped up their effort to buy now instead of taking that chance.”

In addition to sales, home prices have also risen. The average sale price during the month of June was $196,377 which is not only 6.6 percent higher than last year, but marks June 2013 as the highest sales price month on record.

Area Market Reports

 

April home sales set record high – April 2013 Market Update

(May 22, 2013) Central Ohio home sales last month (2,390) showed an increase of 30 percent in the market from one year ago (1,834). According to the Columbus Board of REALTORS®, April saw the highest number of home sales on record, followed by the 2,286 homes sold in April of 2004.

In addition to the increases in sales, home prices continue to rise also. While the average sale price has increased every month in 2013 from $149,477 in January to $163,084 in April, the average sale price year-to-date ($156,386) is up almost one and a half percent from 2012.

“Even with more homes being sold and sale prices up, the average time on the market continues to fall: down over 20 percent from a year ago”, said Chris Pedon, 2013 president of the Columbus Board of REALTORS®. “With such excellent market conditions, we’re seeing inventory move quickly.”

There were 3,965 new listings added to the market in April, up 8.9 percent from April of 2012. New listings also saw increases from one year ago, and have been rising every month this year.

“Central Ohio continues to see improvement in nearly every aspect of the market,” Pedon continued. “We have not seen the number of new listings this high in any month since April 2010.”

Area Market Reports

 

New listings rising as summer sales sizzle – May 2013 Market Update

(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

 

Is Caribou Coffee closing?

Caribou Co. has sold  numerous Ohio locations to Peets Coffee & Tea Inc. Several stores are closing but Clintonville, Lane Ave, Caribou Downtown, Gahanna, and Polaris are all being remolded and reopened as Peets.  Caribou closed it’s doors last Sunday 7/7/13.  Peets is  a locally minded company with great coffee.  If you want to check it out for yourself Peets is offering small sample cups for the next 3 weeks,  from 6a.m. – 11a.m-enjoy!  If you would like to read more you can find the Business First article here.