According to the Columbus Board of Realtors, sales of existing homes were up 30% from a year ago and the average price of homes sold from the first of the year through the end of November was up 7.2% to $168,198.
This has produced a declining inventory and in November of 2012 there were more than 20% less homes on the market than in 2011.
This inventory level represents only 5.5 months of supply and is therefore, technically speaking, a seller’s market. This should continue to put an upward pressure on pricing. The only catch for sellers is that many buyers are unaware of the technical facts and continue to negotiate as if it’s still a buyer’s market.
Interest rates are forecast to remain low for the foreseeable future and so I expect that many homeowners in Central Ohio will decide to trade up this year and we will continue to see existing home sales and new home sales increase.
All in all great news for the Columbus Ohio Real Estate Market!