January 2016 Central Ohio home sales were the strongest of any January on record, according to Columbus Business First, using data reported from Columbus Realtors. With 1,519 homes and condo sold, year-over-year home sales were up by 8.9%.
Home prices increased as well, rising to an average sales price of $184,789, up 5.9% from a year ago.
Looking at the numbers another way, the median home price reached $153,000, a rise of 9.3% from last year. “Median” means that half of home sales were for more than $153,000, and half of home sales were for less.
While a good number of homes hit the market in January 2016, Central Ohio home inventory remained lower than the same period last year, shrinking by 2.5%.
Please keep in mind that these statistics do not include new construction sales conducted by home builders, or sale-by-owner transactions that occurred outside of the Multiple Listing Service.
Overall, Metro Columbus continues to see tight home supply, while home demand remains strong. If home sales were to continue on January’s pace, the existing home supply would be absorbed in about 2.2 months. This is the lowest home inventory index on record.
Another signal of home demand is the length of time homes spend on the market. In January, Central Ohio homes averaged 60 days on market, speeding up from 68 days a year ago.
Again, please keep in mind that Realtor statistics do not tell the complete story, since we have home inventory and home sales outside of the MLS system. Even so, 2016 is shaping up to be a very competitive year for Columbus home buyers.
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Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
