COLUMBUS – Strong demand and the tightest supply of homes for sale in 15 years combined to heat up the real estate market in central Ohio in June.
“With the lack of inventory, today’s buyers are highly motivated to act quickly on homes that are put on the market,” said Columbus Board of Realtors president Kathy Shiflet.
Home sales in the Columbus market jumped 7.6 percent from May and 4.8 higher than June 2014. The total number of homes sold in the first half of 2015 is the highest number ever for the first six months of any year, according to data released Wednesday by the board.
The activity in Columbus mirrors that of the rest of Ohio and the nation as strong job gains since 2014 and relatively low mortgage rates have generated increased demand even while the supply of home for sale is squeezed.
Sales across Ohio increased 9.3 percent from the level posted a year ago, the market’s 10th consecutive monthly year-over-year gain, according to the Ohio Association of Realtors.
The National Association of Realtors says sales of existing homes in the U.S. climbed 3.2 percent, the fastest rate in over eight years, which pushed prices to record highs.
Sellers are fielding offers before the ink is dry on the For Sale sign, according to Shiflet.
“Homes are flying off the market in central Ohio. Homes are selling more rapidly than ever before and multiple offers as well as offers over list price are occurring more and more,” she said.
In central Ohio, homes spent an average of 47 days on the market, the average sale price hit a record high — $206,061 – and the median price was 6.4 percent higher than a year ago.