Columbus's real estate market hit new records this past August, with homes spending an average of 27 days on the market.
Columbus Realtors president Mic Gordon says this August had more home closings than the same month in any previous year in Central Ohio.
There were 3,740 Central Ohio homes and condos listed this past August, which was the highest number for new listings for that month since 2008.
“The sellers are in a very good position," Gordon says. "We only have two months’ worth of inventory on the market and we still have strong demand. So we’re seeing the days on market continue to fall.”
Even with the additional listings, the amount of homes on the market was less than July's number of 5,444.
Last August was also a records sales month, with 3,248 homes and condos sold.
“Job growth always drives demand in a market place," Gordon says. "When you create jobs, that creates households. Our builders in Central Ohio continue to build, but they’re not building at near the pace they did 12-13 years ago.”
Gordon says both the averages sales price - $217,800 - and median sales price - $185,000 - for homes year to date are the highest on record.
“Prices continue to climb," he says. "Our average sales price for the year is up over last year.”