Author: Ron Spencer Real Estate   November 9, 2015

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
-2 3 4+ Total
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
List/Sell Ratio 93% 95% 95% 95%
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

Homes Sold
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

 

Chad Wright
Ron Spencer Real Estate Advisor
Phone: 419-236-7143
Email: chadwright95@hotmail.com