COLUMBUS – Despite an influx of new listings in August, the residential real estate market in central Ohio continues to experience a supply crunch, meaning homes are being sold for record prices and at a record pace.
There were 3,740 central Ohio homes and condos listed during the month of August, a 10 percent increase from a year ago and the highest number of new listings for the month of August since 2008, according to data released Wednesday by the Columbus Board of Realtors.
Even with the added listings, the inventory in the market was slightly less than in July and 13.2 percent below August 2016.
“There’s still a shortage of inventory. We’re hoping the supply increases this fall to meet the pent-up demand,” says 2017 board president Mic Gordon.
With demand straining supply, homes sold in less than a month (27 days) and the median sale price of $185,000 in August and the year-to-date median sales price of $182,000e are both the highest on record, Gordon said.
Sales of homes and condos in the Columbus market were up 5.6 percent over July but were up less than 1 percent compared to a year ago. Nevertheless, an increase is an increase and sales for the first eight months of 2017 are at a record high.
Nationwide, home sales fell 1.7 percent in August, dragged down by Hurricane Harvey and shortage of properties.