COLUMBUS – “For Sale” sprouted like spring flowers outside Columbus-area houses and condos in March, but they didn’t bloom for long in what continues to be a seller’s market.
The 2,362 homes sold last month represented a 46.7 percent gain over February and a 6.3 increase over one year ago, the fifth straight month of gains, according to the Columbus Board of Realtors.
Sales in the first quarter of 2016 were 8.1 percent higher than the same period a year ago.
Statewide, sales rose 5.7 percent, the 18th consecutive monthly year-over-year gain, according to the Ohio Association of Realtors.
Home sales rose 5.7 percent nationwide, powered by strong buying soars in the Midwest and Northeast.
With homes being snapped up after an average of just 59 days on the market, prices continued to climb. The median sale price in March was $164,000, a 9.3 percent increase from a year ago.
The total inventory of homes for sale was 21 percent lower than March 2015, a level not seen since before 2000, according to the board. The two-month backlog, which is how long it would take to sell all the homes currently on the market if none were added, is a new record.