News Flash: Central OH Housing Inventory Continues To Drop
The latest report from the Columbus REALTORS Multiple Listing Service shows that already low inventory levels are going even lower as the number of homes under contract increases.
Nearly 2,500 homes went under contract during January 2017. That’s up by 24.5% from December 2016 and 4.4% higher than January 2016.
Nearly 50% more homes and condos were added to the market in January 2017, but that was 2.2% lower than the same time last year.
Just when we thought inventory couldn’t get any lower, it did,” said Mic Gordon, 2017 Columbus REALTORS® President. “The increase in new listings wasn’t enough to offset the high number of homes that went into contract bringing the number of homes left for sale to a new record low.”
One inevitable result of low inventory is rising prices.
Month after month, we’re seeing new records set for the central Ohio housing market,” Gordon said. “As long as inventory remains at record lows and demand remains strong, prices will continue to rise.”
The number of days homes stayed on the market is also low at an average of only 50 days on market.
My January 2017 Market Report showed Months of Inventory at 2.3, making it a Seller’s Market in Central Ohio.
The latest Housing Market Confidence Index by the Ohio Association of REALTORS® showed that 98% of Central Ohio REALTORS® say the current market is “moderate to strong.” A whopping 96% expect home prices to increase during 2017.
Bottom Line For The Central OH Real Estate Market
We need listings! Buyers are out there looking for homes and coming up short.
If you are a move-up buyer, meaning you have a home to sell and can move-up to a bigger/better home, this market is PERFECT for you. There is a huge demand for starter homes and they are flying off the shelves.
I specifically have home buyers who are looking for homes in Westerville and Lewis Center.
If you’ve thought about selling your home, please call me at 614-830-9767. I would love to match your home with a buyer!