Chip and Sue Parrish | The Personal Touch

Posted: 4/22/2013
Columbus Board of REALTORS®

Central Ohio home sale activity showed healthy increases during the first quarter of 2013. Residential home sales (4,844) were up 17.6 percent over the previous year (4,119) and the number of pending sales (3,245) was up 19.3 percent from the first three months of 2013 according to the Columbus Board of REALTORS®.

“Thus far, 2013 has been a flurry of activity from the get go,” said Chris Pedon, President of the Columbus Board of REALTORS®. “The rather mild winter weather offered eager buyers an opportunity to get a jump on finding their first – or next home – early in the year.”

The median sales price of a home sold in central Ohio in March 2013 was $135,000, up 4.9 percent compared to last year ($128,650). The average sale price of $160,233 during March was also up 4.9 percent from one year ago.

There were 3,484 new homes put on the market last month, up slightly from the 3,458 listings added to the inventory last year during March. There are now almost 9,000 homes for sale in the central Ohio area, up slightly (0.5 percent) from last year, but still the lowest level of inventory since 2002.

“We’re getting a lot of interest from current homeowners who’ve been paying attention to what’s been happening with housing recently,” added Pedon. “Low interest rates, strong demand and improved sale prices make a compelling argument for selling a home right now. Whether homeowners want to move up or out, they should seriously consider the benefits of the current housing market.”

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 96 percent of central Ohio REALTORS® describe the current housing market as moderate to strong and 100 percent expect the housing market to be moderate to strong over the next six months. As for home prices, 94 percent expect home prices to remain the same or rise in the next year and 96 percent are seeing residential appraisals in central Ohio about the same or somewhat higher.

The Columbus Board of 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 www.ColumbusRealtors.com/stats. The reports include breakouts for 18 central Ohio counties and 53 local municipalities and school districts. Buckeye Valley Schools was added to the reports in February 2013.

Central Ohio Residential Home Sales

www.columbusrealtors.com

Posted: 3/21/2013
Columbus Board of REALTORS®

Central Ohio home sales for the first two months of 2013 were up 19.6 percent (2,878), compared to last year (2,406). There were 1,452 home sales in February, which is 14.9 percent higher than in February 2012, according to the Columbus Board of REALTORS®.

“We haven’t seen sales increases like this since housing peaked in ’06 and ‘07,” said Chris Pedon, President of the Columbus Board of REALTORS®. “We are looking at a new housing market; one that’s smart and affordable, but also competitive.”

New listings added to the market in February totaled 2,880 – 5.9 percent higher than February 2012. The number of homes for sale in central Ohio inched up slightly from last month (8,935) to 9,035. Still, the inventory of homes for sale in central Ohio remains at its lowest point in more than a decade (summer 2002).

The median sales price of a home sold in central Ohio in February was $122,000, up 1.7 percent compared to one year ago ($120,000). The average sale price was $149,887, a slight drop (-0.6 percent) from the same time last year ($150, 757).

“The combination of increased sales and low inventory will drive up home prices in the months to come,” added Pedon. “As we head into the buying season, we’re going to see sellers get much more aggressive with their pricing.”

Rents are also rising due to demand. Although permits have risen, apartment construction slowed to a crawl after the housing boom and is still below historic norms and much of the available rental space was filled with displaced homeowners over the last couple years.

Rents grew 3.8% in 2012, up from 2.4% in 2011 and 2.3% in 2010, according to real-estate research service Reis Inc. The firm projects annual increases of 4% to 4.5% through 2016.

Central Ohio REALTORS® agree as 11 percent said rents have increased “a lot” since last year and 56 percent said rents have increased “somewhat” according to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®).

According to Pedon, as rents continue to rise, homeownership becomes even more appealing. “Not only will you get a solid return on your investment and the tax deduction, you’ll get the security of knowing your ‘rent’ won’t go up.”

Central Ohio Residential Home Sales

www.columbusrealtors.com