Columbus Real Estate Market News July 2014


Inventory continues to rise in Central Ohio

There were 3,808 central Ohio homes and condos listed for sale in July 2014, which is up 4.3 percent from July 2013, although down slightly by 2.4 percent from the previous month. The added inventory brought the total numbers of homes and condos for sale to 9,644 at the end of July, which is 4.3 percent higher than June 2014, according to the Columbus REALTORS® Multiple Listing Service (MLS). columbus real estate conditions “As expected, the inventory of homes in central Ohio has steadily climbed with the temperatures this summer,” said Milt Lustnauer, Columbus REALTORS® 2014 president. “It’s clear that sellers are starting to get the message that it’s a great time to sell their homes. Summer isn’t quite over yet and inventory is still on the rise.” The average sales price of a home was $199,239, an increase of 3.6 percent from July 2013, down slightly from the previous month by 1 percent. The average price is the total volume divided by the number of homes sold. “Although the average sale price was down from the previous month, it’s up over five percent for the year,” Lustnauer said. “Sales prices have followed an upward trend since the beginning of the year and will likely continue in that direction as buyer interest remains high.” There were 2,758 central Ohio homes and condos sold in July 2014, a 3.4 percent drop from the previous month and a 6.6 percent decrease from July 2013. According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®) 95 percent of central Ohio REALTORS® describe the current housing market as moderate to strong and expect it to remain so over the next six months. Ninety percent of central Ohio REALTORS® expect housing prices to rise over the course of the next year, while the other 10 percent expect them to level. Compared to a year ago, 62 percent of central Ohio REALTORS® observed a slight to significant increase in the number of buyers purchasing a home with entirely cash, while 33 percent saw no change.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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