Late in the month of December the housing stats for the month of November were released for the Central Ohio Area. It’s hard to find any negative’s in the numbers, everything is moving in the right direction from average sales price, number of sales and days on market. If there is anything that could be seen as a negative it is the fact that the inventory (available homes for sale) is so low that it is making it difficult for buyers find properties that are both in good condition and priced well. This is one reason that average and median sales prices are up 7.2 percent and 8.6 percent respectively year to date. A quick summary of the stats are below:
Overall Sales in Central Ohio in November 2012 were 1,923 (up 30% over November 2011)
Average sales price was $165,444 which was 8.6 percent higher than November 2011.
Year to date average sales price is $168,198 which is up 7.2 percent over last year during the same period.
The number of homes available for sale at the end of November 2012 was 10,110 which was 20.2 percent less than November 2011
Days on Market is down to 84 as an average which is down over 17 percent from the same time last year
The median sales price is up 8.6 percent to $139,000
Overall with only 5.5 months of inventory available the market has technically moved from a buyers market to a sellers market. As we always say with real estate, the market is local. The traditionally strong markets such as Dublin, Upper Arlington, Worthington, German Village, Victorian Village, etc continue to drive the numbers we see while others have not quite as well. Some areas within Central Ohio have struggled more with foreclosures and short sales which has hurt their average sales price, but the overall decrease of distressed sales as a percentage of the market has led to increases in sales and prices over last year in many of those areas as well.