October in West Central Ohio saw the housing market continue to strengthen and we had another increase in home prices. Year to year numbers showed great improvement for the month. Check out the chart below to see what the average selling price of home is this year based on the number of bedrooms it has.
|Price by Bedrooms|
|Sell Price Volume||$14,996,353||$96,056,410||$50,333,153||$161,385,916|
|List Price Volume||$16,133,870||$101,040,130||$53,004,664||$170,178,664|
|AVG Sell Price||$66,356||$99,129||$147,605||$105,069|
|AVG List Price||$71,389||$104,273||$155,439||$110,793|
|Median List Price||$62,750||$92,000||$139,900||$94,900|
|Median Sell Price||$58,250||$88,000||$135,000||$89,500|
|Rate of Sales (weekly/monthly)||5.2 / 22.6||22.4 / 97.0||7.9 / 34.1||35.5 / 153.8|
|Supply (weeks/months)||95.0 / 21.9||82.6 / 19.1||94.6 / 21.8||87.1 / 20.1|
Last October we saw 154 homes sell in 2014, this year we saw a slight increase up to 167. One thing to keep in mind is right now we are still seeing a decline in inventory. There are many buyers in this market still sitting on the sidelines waiting for the right home to come on the market.
Average Sale Price
Of course, this is the number that gets most of the headlines and we made quite an improvement over last year. October 2015 average sales price came in at $107,519 in our area, that’s up nearly $13,000 over last years number for the same month. In the chart below you can see the average selling price of a home based on the number of bedrooms.
Days On Market
Our average days on market fell nearly a full month compared to last year’s number. Homes priced right can expect to be on the market a little less than 4 months on average. With the typical home loan process taking about 30-60 days, that means the average home seller is getting an acceptable offer to purchase within about 2-3 months after being on the market.
Monthly Comparison by the Numbers
Month # Sold Avg. Price Avg. Days on Market
Oct 2015 167 $107,519 114
Last Month 176 $112,377 112
Oct 2014 154 $94,459 141