Housing Market Update
Halloween is near, and inventory is finally creeping up. Inventory on homes and condos for sale in Central Ohio last month was 5,589, a 2.6% increase from September 2017. This breaks a 91-month streak of year-over-year declines in inventory.
The average sale price of homes sold last month was $232,228, a 9.8% increase from this time last year, and a 6.7% increase year-to-date.
“The slight increase in inventory is a healthy correction for the Central Ohio market,” said 2018 Columbus REALTOR President Sara Walsh. “For ninety-one straight months inventory was declining and favored the sellers while discouraging buyers in some price points. This slight supply shift may encourage buyers to get back in the home search arena while interest rates are still very good.
There were 3,039 homes and condos added to the market last month which is just 1.0% lower than this time last year. Last month, homes spent an average of 29 days on the market before going into contract.
“Although it’s getting cooler, real estate remains a hot commodity.”, Walsh points out. “Homeownership provides not only an investment vehicle and shelter but also the stability of being part of a community and is not typically as volatile as stock.”
So, if you are considering buying a home, now is a great time to be looking. Inventory is starting to rise overall, and the buyer pool is lower; so, more choices and less competition!