Sales, contracts and home prices are all up this year.
(PRWEB) April 30, 2012
The latest installment of the weekly real estate report from Homes.org details current activity and trends in the Columbus real estate market during Q1 2012. Using the most recent sales figures, the Homes.org report outlines what’s driving the market and what buyers and sellers can expect in the months to come.
According to data provided by the Columbus Board of Realtors, the Columbus real estate market is showing clear signs improvement. Below are some key findings:
- Total Sales Q1 2012 are 7.1% higher than Q1 2011
- Median Sales Price is $121,500 up 2% from Q1 2011
- Average Sales Price is $149,482 up 4.2% from Q1 2011
- March 2012 inventory levels are at 11,519, 29.2% lower than March 2011
- Q1 2012 Pending Sales were 47.1% higher than Q1 2011 at 2,705
- Q1 2012 there were 1,515 Lender Mediated sales, 10.7% lower than in Q1 2011
Lender mediated sales, which consist of foreclosures and short sales, are much lower compared to the same time period last year. What’s more, there are less lender mediated listings entering the market which suggests that the percentage of lender mediated sales will continue to decline.
Both average and median sales prices are up across the entire Columbus area, with some neighborhoods posting a more than100% increase in March 2012 prices compared to March 2011. Just as telling is the large decrease in both inventory of homes for sale and the months supply.
President of the Columbus Board of REALTORS®, Jim Coridan, pointed out that all indicators are pointing towards a strong summer season for the Columbus real estate market. “Sales, contracts and home prices are all up this year. This coupled with the temperate inventory levels makes for a much stronger central Ohio housing market than we had a few years ago.”
With less lender mediated homes on the market suppressing home prices, sellers will likely be able to ask for more and still get around 90% of asking price which was the case in March of this year. The drop in inventory will also level out supply and demand for a more balanced market.
Columbus Real Estate Market Latest Information and Statistics
County: Delaware, Fairfield and Franklin
Zip Codes in the City: 43085, 43201, 43202, 43203, 43204, 43205, 43206, 43207, 43209, 43210, 43211, 43212, 43213, 43214, 43215, 43216, 43217, 43218, 43219, 43220, 43221, 43222, 43223, 43224, 43226, 43227, 43228, 43229, 43230, 43231, 43232, 43234, 43235, 43236
Population (Metro): 1,836,536
Total Households (2006-2010): 318,454
Median Value Owner Occupied Housing (2006-2010): $138,700
Q1 2012 Single-family Home Sales in Columbus area: 3,548
Q1 2012 Condo Sales in Columbus area: 497
Q1 2012 Average Sale Price in Columbus area: $149,482
Number/Percentage of Lender Mediated Sales in Columbus in Q1:
- Delaware – 126/10%
- Fairfield - 116/16.4%
- Franklin – 1,372/21.3%
Renters vs. Owners (2006-2010): 50.5% vs. 49.5%
Type of Home:
70% Single Family
Popular Columbus Neighborhoods Seeing Improvement in Sales
- Downtown Columbus
- German Village
- Brookside Colony
- Central Clintonville
- Cherry Creek
- Deshler Park
- East Beechwold
- East Linden
- Forest Park East
- Golfview Woods
- Hilliard Green
- Independence Village
- Italian Village
- Marble Cliff Crossing
- Sawmill Forest
To learn more about the Columbus real estate or search for licensed real estate agents in Columbus, OH, please visit: Homes.org
Homes.org is a fast growing real estate search portal that offers users much more than MLS listings. Homes.org gives users access to a rich collection of resources, including but not limited to, real estate listings, home owner finance tools and home service tools. Homes.org brings buyers, sellers and renters important information about the current markets and intelligent tools by partnering with real estate professionals from around the country. Homes.org is a subsidiary of Star Nine Ventures, Inc. headquartered in Austin, TX.
About Star Nine Ventures®
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