Wednesday, September 28, 2016

Strong for Fall 2016

As we head into fall the Central Ohio Housing Market is remaining strong.

During the month of August, central Ohio homes and condos spent an average of 34 days on the market, which is 29.2 percent (14 days) shorter than last year and just 1 day longer than July.


Central Ohio homes and condos show a 4.8% increase over the previous August, this was the highest number of closed sales for the month of August ever recorded and the second highest month for 2016.  The average sales price of a home in Central Ohio was $204,629, which is a 3.3% increase over August 2015. Stats obtained from the Columbus REALTORS® Multiple Listing Service.

And the experts comments below are optimistic, not predicting any signs of a housing meltdown.... but that we should see the momentum continue....

Lawrence Yun, Chief Economist at NAR:

“In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing-sales since 2007.”

Jonathan Smoke, Chief Economist at realtor.com:

“We had a triple crown of April home sales reports, so 2016 is in the pole position to earn best year of home sales in a decade.”

Andrea Riquier, MarketWatch housing reporter:

“I'm calling the end of the housing “recovery.” On to ‘expansion.’”

Freddie Mac:

“Despite the disappointing economic reports, we still forecast housing to maintain its momentum in 2016.”

Steven Russolillo, Wall Street Journal housing reporter:

“A recent gauge of home builder sentiment held firmly in positive territory, according to the National Association of Home Builders. Perhaps more important, expectations for sales in the next six months jumped to the highest level of the year.”

Fannie Mae:

“Our latest housing tracker shows that the first quarter of 2016 was the second fastest first quarter pace of home sales in the past decade... Home sales typically rise in the spring and summer months, and we anticipate an acceleration in home sales that will surpass 2007's pace by late summer.”