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| 257 S. Quentin St. in Newark sold in July with CENTURY 21 Frank Frye RE. |
Home prices in central Ohio hit its highest point in five years last month as many of the area’s pricier communities saw double digit sales increases, according to the Columbus Board of REALTORS®.
Central Ohio homes closed during July 2012 sold for an average of $186,781 which is 10.3 percent higher than the average sale price of a home sold in July of 2011.The last time homes during any given month sold were selling this high was June of 2007 when the average sale price was $187,180.
This holds true for the year as the average sale price of homes sold January through July 2012 ($167,754) is also at its highest point since January of 2007 ($172,531).
Sales in communities such as Granville, New Albany, Bexley, German Village, Powell, Dublin, downtown Columbus, and Upper Arlington saw sales increases of anywhere from 12 to 67 percent. The increased sales combined with prices ranging from $267,000 to $557,000 help boost the overall market home price average.
In Licking County, the average home sales sold price was $147,639 from Jan. - July this year, up 5.8 percent from the same period last year. Also, 930 homes sold in Licking County from Jan. - July this year, which is 13 percent more than the same period last year. Licking County homes which went into contract for sale from Jan. - July totaled 1,121, which is a 25.3 percent increase from the same period last year, when 895 homes went into contract.
In Licking County, the average home sales sold price was $174,344 in July, up 17.9 percent from July 2011. Also, 141 homes sold in Licking County in July, which is two sold homes less than July 2011. Licking County homes which went into contract for sale in July totaled 198, which is a 32.9 percent increase from July 2011, when 149 homes went into contract.
The number of houses for sale in Licking County now stands at just over 1,094, which is 25.1 percent less than one year ago when 1,461 homes were for sale. Months of existing home inventory has decreased due to improved sales activity this year. At the current sales pace, there are 8 months of existing home supply on the market compared to 12.6 months supply this time last year.
All statistics are provided by the Columbus Board of REALTORS®.
