COLUMBUS – The pace of the residential real estate market in central Ohio rose with the temperatures in May, thanks to a continuing buyers’ market fueled by high demand and tight supply.
The 4,394 homes and condos added to the market in May was a whopping 18.8 percent more than the month before and 8.2 percent greater than a year ago but the median sale price rose 7.4 percent over 2017 to a record $204,000, according to Columbus Realtors Multiple Listing Service data released Wednesday.
“This is a true indication of how strong our market is in the greater Columbus region. Even with more homes added to the market, this trend will likely continue this year,” Columbus Realtors president Sara Walsh.
The inventory of unsold homes increased 16.1 percent over April but remained 3.3 percent lower than the year before, leaving central Ohio with a 1.6 months’ supply of inventory at the current sales pace. A balanced market usually has about a six months’ supply.
Home sales in May were 18.0 percent higher than April, typical of the warmer months, but were still down 7.0 percent from May 2017 due to the small number of homes for sale. Even while home prices surge, sales during the first five months of 2018 remain about 2 percent slower than the same period a year ago.
Homes only spent an average of 27 days on the market during the month of May, which matched August 2017 for the lowest on record.