COLUMBUS – A nationwide housing shortage was reflected in home sales in the central Ohio market in 2017, which saw the highest number of homes sold on record for a single year and record high prices but also the smallest number of homes available for sale in two decades.
There were 32,218 homes and condos sold in the Columbus real estate market in 2017, 1.7 percent higher than 2016, at a median sales price of $181,500, which was 6.8 percent higher than 2016, according to an annual report from the Columbus Board of Realtors.
Continuing declines in inventory – 83 months in a row — left central Ohio with fewer than 4,000 homes listed for sale at the end of the year, a 1.4 months’ supply, which is an all-time low, but realtors are optimistic that increased confidence among home builders and consumers will result in an upswing in the year ahead, according to the board’s report.
“More sellers should feel ready and eager to list in 2018,” adds Walsh. “Economic indicators such as unemployment rates and consumer confidence are at healthy levels, and sellers currently hold the keys in the buyer-seller relationship.”
Board analysts expressed concern that changes to the mortgage interest deduction as a part of a federal tax reform package might put a greater damper on homeownership, which is already at a 50-year low.
The inventory squeeze was felt nationwide where the declining number of listings stifled purchases, resulting in a 3.6 percent decline in sales in December.