Real Estate Review: February 2017

Inventory is down is Columbus, but the amount of homes in contract went up 11.4% since January! Buyers are still motivated to secure a home in this seller's market and with the national average for a fixed rate mortgage still low they have extra incentive. I'm still securing homes for buyers with two closings scheduled next week in Clintonville and Merion Village. If you are thinking of selling PLEASE don't miss the opportunity to benefit from this market and give these wonderful buyers something to celebrate! Call, email or text me today for more info 614-638-5817 For a free Comparative Market Analysis done by me personally click here to find out what your home is worth in this market!

I'm a numbers girl and I love a good spreadsheet (I know, nerd) so I like to keep my clients as informed as possible. Please see the market rundown below complete with KW video and custom infographics from yours truly :) 

Here are the national real estate statistics for February 2017:


The number of projected home sales dipped to 5.5 million and the national median home price had a slight decrease of .09% in January to $232,000. However, the median home price is up 4% from this same time last year. Down isn't always bad as the national average for a 30 year fixed rate mortgage is down 4.3% last month to 4.19% in February!

There were 2,528 central Ohio homes and condos added to the market in February, which is a 16.5 percent increase over January, although a 3.6 percent dip from February 2016. This leaves inventory at 4,286, which is a whopping 21.1 percent decrease from the same month last year according to the Columbus REALTORS® Multiple Listing Service.

If you thought inventory couldn’t possibly get any lower, it definitely did,” Gordon said. “However, spring is just around the corner and there are bound to be more homes hitting the market as the temperatures begin to rise.”
— Mic Gordon, 2017 President of Columbus REALTORS®

There were 1,678 central Ohio homes and condos sold during the month of February, a 5.3 percent increase from January and a .5 percent rise over the same month a year ago.

Central Ohio saw 2,754 homes go into contract during the month of February, up 11.4 percent from the previous month although down 9 percent from February 2016.


A pending sale or a sale “in contract” is when the buyer and seller agree on terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close and be recorded as such.  

The average sales price of a home in February was $190,659, up 3.4 percent from last year. The median sales price was $161,900 a 5.1 percent increase over February 2016.

The upside down or under water remnants of the Great Housing Recession are fewer and fewer with each passing month as values continue to climb and mortgage balances continue to be paid down over time,” Gordon said. “If you were in that position with your home and want to know if this market has changed your circumstance, call your REALTOR® and find out!
— Mic Gordon, 2017 President of Columbus REALTORS®

During the month of February, central Ohio homes and condos spent an average of 52 days on the market, this is eight days fewer than a year ago and just two days longer than January.

Seventy-five percent of central Ohio REALTORS® said they’re noticing a slight to substantial increase in the number of millennials expressing interest in purchasing a home, according to the latest Housing Market Confidence Index by the Ohio Association of REALTORS

When asked specifically about the low number of entry level homes available for sale, 33 percent said it’s a slight hindrance and over half (54 percent) said the low inventory is substantially hindering the millennials’ ability to purchase a home.

“Millennials are a large segment of the population and, if they don’t have an adequate selection of affordable housing to choose from, that’s definitely a problem we need to focus on solving,” Gordon said.

Article shared and all information sourced via the Columbus Board of Realtors. To view the original and for more info see below: 

Current housing report – February 2017
All housing reports

Columbus REALTORS® is comprised of over 7,600 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.

The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.