January 2017 Columbus Real Estate Market ReportReal estate market data for Columbus, OH provided by Jim West of Keller Williams Capital Partners.
Columbus Ohio Home Prices
Here is your January 2017 Columbus real estate market report. Home prices in Columbus and central Ohio continue to hit an all time high and don’t expect things to slow down anytime soon. If you are considering buying a home you can still find deals on a house in Columbus but having a good real estate agent who understands the market is a must. Don’t wait on the sidelines for too long, most of Columbus listings are selling within a few days of hitting the market. As you can see from the graph below, listings are not selling exactly for asking price. To make sure you don’t overpay for your home, you’ll want to have an agent that does a thorough market analysis of the Columbus home on which you are making an offer.If you are interested in how much current inventory is on the market in Columbus you can find that information by clicking on the link. Our inventory is at its lowest point since before 2000. This low inventory will suggest that homes are not staying on the market for very long. Currently in this area of Columbus, homes have an average time of 50 days on the market before they sell, a phenomenal decrease of 16.7% from January 2016!. This would suggest that sellers are in a great position to make stronger counters to offers on a home.Sellers should make sure to price their home near the market value if they expect to get an offer from one of those interested buyers. Low inventory in Columbus has multiple offers coming in on homes similar to what we saw back in 2005. I wouldn’t expect home prices to run up quite as fast as they did back then, as banks have gotten a lot stricter on lending guidelines and are no longer giving a loan to anyone with a pulse. But low inventory is one indicator that prices should continue to rise. However, inventory is still down an incredible 10.6% from January 2016 and down 3.2% from the previous month. Please see the chart below for current inventory level.P.S. We try to update the Columbus Market Report every month. Please let us know if you have any questions.Points of Interest:
- 1594 closed sales
- 1.6 months supply of inventory
- 2,170 new listings
- $160,800 median sales price
- $195,773 average sales price. Up 6.6% from January 2016
January 2017 Columbus Ohio Real Estate Report SummaryThe median list price at time of sale in January for single family homes in Columbus was $164,950.
The median list price increased by 6.4% from the same month last year.
[su_box title="A Major Item To Note" box_color="#f3e842" title_color="#302828" radius="20"]Typically we see a slow down of sales this time of year but this year, we are not seeing that trend. The lagging number of homes being listed has created a starving market for buyers looking for homes to buy. [/su_box]
The sales price per square foot for listings in this area is $106.36, up 8.2% from January 2016!
The median sale price in January for single family homes was $160,800. The median sale price was up by 5.1% from same month last year, again due to a low inventory of homes on the market.
The sales price in this area for January 2017 was $195,773 up 6.6% from January 2016.