Ohio’s January housing report: Rising list prices, increased inventory levels & shorter marketing periods
On February 9, 2016
By Carl Horst, OAR Director of Publications/Media Relations
Our analysis of January data on realtor.com indicates that the residential real estate market is following a typical January pattern, with cooler demand, reduced inventory and slower market velocity in most markets. The median list price in January is down slightly from December, largely consistent with the seasonal shift that favors buyers. At the same time, inventory continues to move down from its yearly peak, so buyers see fewer total choices but face less competition for the supply on the market.
Listing inventory trended down 7 percent over December, following the usual winter pattern. Inventory also continues to move slower per seasonal trend, but it still faster than this time last year. The median age of inventory is now 100 days, which is up 6 percent from December but still down 4 percent year-over-year. The median listing price ended at $228,000, remaining flat over last month, but up 9 percent year-over-year.
Compared to the findings from a year ago, all nine of the Ohio markets tracked reported an increase in the median list price in January. Seven of the state’s markets reported a faster pace of sales or were unchanged, while a majority of Ohio markets saw an increase in the number of homes being marketed for sale compared to January 2015 levels.
January 2016 vs. January 2015
“We’re continuing to see positive developments within the Ohio housing market, notably achieving a fourth consecutive monthly increase in our inventory levels throughout most of the state compared to a year ago,” said Sara Calo, president of the Ohio Association of REALTORS. “We’re hopeful that this trend will continue, giving interested buyers more options to discover their ideal home.
“Additionally the steady increases in median list prices — combined with the shorter time frames that homes are on the market — indicate that the desire for home ownership remains strong across Ohio.”