Residential home sales are gaining strength in Columbus and Central Ohio according to the Columbus Board of Realtors. May 2012 homes sales were up for the fifth consecutive month to 2,070, up 5% from the 1,971 sales in May 2011. Year to date is 7,966 up 6% from 74,51 in the same time period last year.
Average sales price is up $163,518 and that’s up 6.3% from this time last year. Unsold inventory is down to 11,971, down 32% from last year. That’s 5.71 months of inventory with 6 months being about ideal. It looks like we’re heading toward a seller’s market.
“Home buyers looking for big discounts on housing today are finding that their offers are no longer winning contracts,” said Jim Coridan, 2012 President of the Columbus Board of REALTORS®. “With inventory back to pre-boom levels and sales prices creeping back up, sellers don’t have to sacrifice their goals to sell their home today.”
According to the Housing Market Confidence Index, 95 % of Central Ohio Broker describe the current market as moderate to strong.
We generally never see equilibrium in the business but this is as close to a perfect market as we get.