Today, I’d like to talk about last year’s market in review. How did 2017 pan out for us?
For the Central Ohio real estate market, 2017 was a record year. We had more properties on the market sell than we’d ever had before. Let’s look at the numbers:
- We had 32,000 listings on the market, which was up 1.7% from 2016.
- Our average sales price went up 6.3% to $214,802.
- Houses were moving relatively quickly in our market, with the days on market being at 35 days.
Last year, bank-owned, distressed, and short sale properties fell to 5.9%, which is the lowest rate they’ve been at in quite a while. This was a 36% drop—in 2016, they were 9.3% of the market, suggesting that the market is right-sizing. Our market is a strong, traditional one with very few bank-owned properties.
Currently, we have a 1.4-month supply of inventory on the market. There are about 3,500 listings on the market right now, and, on average, we’re selling between 2,000 and 2,300 per month.
Houses are selling at an average of 98.4% of the listing price, meaning that there’s not a lot of room for negotiations with respect to the list price.
There are some sweet spots in our market with respect to how fast homes are selling. If you have properties:
- Less than or equal to $80,000, the average days on market is 52 days.
- Between $80,001 and $120,000, the average days on market is 35 days.
- Between $120,001 and $160,000, the average days on market is 24 days.
- Between $160,001 and $250,000, the average days on market is 25 days.
- Above $250,000, the average days on market was 47 days.
If you have any questions about the 2017 or current market, feel free to give me a call or send an email. I’d be glad to answer any questions you may have.