Central Ohio Housing Report – Dec 2013
2013 Central Ohio home sales second highest on record
The second-highest sales year on record ended with the strongest December since the housing boom in central Ohio. December home sales came in at 1,735, 2.5 percent higher than December 2012 and the most sales on record since the peak of the boom in 2005 (1,829) according to the Columbus REALTORS® Multiple Listing System (MLS).
In total, there were 27,033 closed sales in 2013 which was 17.1 percent more than 2012 (23,082).
The sale price of a home in 2013 was $174,336, an increase of 4.2 percent over 2012. The average sale price of a home in December was $176, 217, 11.6 percent higher than December 2012.
“2013 has been an amazing year for real estate in central Ohio,” says Milt Lustnauer, 2014 president of Columbus REALTORS®. “These December numbers are not surprising. Real estate isn’t a seasonal game anymore, today’s buyer is ready to act rain, shine – or snow.”
The inventory of homes at the end of the year was down to 8,732, the lowest for the month of December since 2000. As such, 2013 closed with a months supply of 3.9 percent, the lowest on record for central Ohio.
The months supply is defined as the number of properties for sale divided by the average number of monthly sales for the last twelve months.
According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 94 percent of central Ohio REALTORS® describe the current housing market as moderate to strong and 95 percent expect the housing market to be moderate to strong over the next six months. As for home prices, 89 percent expect home prices to rise over the next year.
“Inventory levels are down, which is driving up the sales price,” says Lustnauer. “If sellers are thinking about waiting until the spring to list, I would suggest otherwise. With interest rates still low, buyers can still get a great rate while the seller can get a good price for the home.”
Columbus REALTORS® is comprised of over 6,200 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.
The monthly housing reports can be found at ColumbusRealtors.com/stats. The reports include breakouts for 18 central Ohio counties and 53 local municipalities and school districts.