Central Ohio seeing record high home prices
(September 22, 2014 – Columbus, OH) – The average sales price of a home in central Ohio for the first eight months of 2014 (January through August) was $184,587 – the highest on record and almost three percent higher than at the peak of the housing boom in 2005.
The average sale price during the month of August was $194,879, an increase of 7.5 percent from last year and also the highest on record for the month of August.
The average price is the total volume divided by the number of homes sold, according to the Columbus REALTORS® Multiple Listing Service (MLS).
“Central Ohio is leading the way in home price recovery,” Columbus REALTORS® 2014 President Milt Lustnauer said. “In fact, average sale prices in the months of March, April, May, June, July as well as August of this year mark record highs for each of those months.”
With the 3,226 homes and condos listed for sale in August, inventory reached its highest level yet in 2014 (9,658).
Still, the inventory last month trails August of 2013 by 9.1 percent. As a result, the 2,518 central Ohio homes and condos sold in August 2014 was 11.2 percent lower than the previous year.
“Buyers should realize that this still an excellent time to purchase a home,” Lustnauer said. “Prices are only going to rise and rates are still low. The selection and choice of homes is also optimal. It’s unlikely that buyer’s will continue to be able to get the kind of value that they can right now.”
According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®) 95 percent of central Ohio REALTORS® describe the current housing market as moderate to strong and 85 percent expect housing prices to rise over the course of the next year.
Sixty-seven percent of central Ohio REALTORS® indicated that finding the right property was the single most important factor that they believed limited their buyers in purchasing a property thus far this year. Sixteen percent indicated the single most important factor was difficulty obtaining mortgage financing and three percent said it was the ability to sell existing home.