COLUMBUS, Ohio – An ongoing scarcity of homes for sale has driven the average sale price in Columbus to its highest level ever, even higher than that seen at the height of the housing boom.
While that may be good news for those homeowners who can afford to list their homes, it is not necessarily welcome tidings for the buys paying top dollar for the few houses that are on the market.
According to data released Monday by the Columbus Board of Realtors, the average price of a home in central Ohio for the first eight months of 2014 was $184,587. That is the highest on record and almost three percent higher than at the peak of the housing boom in 2005. The average sale price of $194,879 in August was also the highest on record for the month.
“Central Ohio is leading the way in home price recovery. In fact, average sale prices in the months of March, April, May, June, July as well as August of this year mark record highs for each of those months.” board president Milt Lustnauer said.
The median sale price of $165,000 was 6.8 percent higher than August 2013 and homes spent an average of 55 days on the market.
The higher prices are a reflection of the tight supply of homes for sale. The inventory in August was 9.1 lower than last year and the 2,518 homes and condos sold was 11.2 percent lower than the year before.