Columbus Real Estate Market News December 2012

As expected, 2012 was a great year for the real estate market in Central Ohio.  2012 was the best overall year in real estate since 2007.  I expect January will show another strong month with increasing home prices, as supply continues to be low compared to demand.

Central Ohio saw 22,915 single-family and condominium home sales in 2012, up 15.5 percent from the previous year according to the Columbus Board of REATORS®. This marks the highest number of residential home sales since 2007 – the end of the housing boom.

“2012 exceeded our expectations,” said Chris Pedon, President of the Columbus Board of REALTORS®. “Sellers opened their doors, buyers brought their confidence, lenders gave their best rates and REALTORS® worked eight days a week.”

The average sale price of a home sold in central Ohio in 2012 was $167,459, which is 7.2 percent higher than in 2011. The average sale price for the month of December was $158,898 – a 7.5 percent increase over the same time last year.

The median sale price of a home sold in 2012 was $144,500 – up 8.7 percent from 2011. The median list price of a home sold in December was $136,450, which is 9.2 percent higher than one year ago.

The difference between the average sales price and the median sales price is that the average sales price is the sum of all the prices for all closed sales in a given month, divided by the number of homes sold. The median sales price is a mathematical result that indicates that one half of the group is higher and one half lower. The median price of 101 sold homes would be that price which is lower than 50 of the prices and also higher than 50 of them.

The inventory of homes for sale in central Ohio is at its lowest point in over a decade (9,252) – 18.8 percent less than December 2011.

“Homeowners who are putting off listing their house because we’re not “in season” are missing out on opportunity,” added Pedon. “Buyers are out there – and they’re not waiting for summer to buy.”

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 93 percent of central Ohio REALTORS® describe the current housing market as moderate to strong and 97 percent expect the housing market to be moderate to strong over the next six months. As for home prices, 85 percent expect home prices to remain the same or rise in the next year.

View the current Central Ohio Local Market Update.
View the current Housing market report by area.Shanna Lafontaine is a Realtor with RE/MAX Affiliates who works Metro Columbus, Dublin, Hilliard, Powell, Worthington, Westerville, Delaware and surrounding Central Ohio areas helping both Buyers and Sellers.

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Shanna Lafontaine, LLC© 
RE/MAX Affiliates Inc. 7239 Sawmill Rd. Ste 210, Dublin, OH 43016

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