As we enter the 2015 real estate season, it’s a perfect time to reflect on the market for Columbus Ohio real estate for sale in 2014. And, from what the data shows, 2014 was a fantastic year. If you were buying, selling, or investing last year, you likely experienced very few setbacks or shortcomings, growth in important areas, and declines where they were needed. While there still is room for opportunity in 2015, last year brought much positivity to an already flourishing market.
The housing market for Ohio in 2014 was largely optimistic, with very few missteps.
Although the housing market in 2014 wasn’t as strong as it was in 2013, Columbus Ohio real estate for sale still saw growth, most notably with home pricing. Homes in the area were sold with an average selling price of $183,099. The number of homes sold in 2014 was good enough to land the fourth spot in most homes sold in Central Ohio, ever.
But there weren’t as many homes sold in 2014 as there were in 2013 –26,655 to 27,235, respectively – which can be attributed to a lower amount of homes available for sale on the market. The lower amount of homes, however, isn’t the only reason behind the decrease in homes being sold; poor mortgage concerns, the lack of income growth, and student loan debt are also factors for the slight decline in real estate for sale in Columbus Ohio.
Another positive aspect of Columbus Ohio real estate for sale in 2014 involved short sales, specifically within the fourth quarter.
In Central Ohio real estate, short sales were at a low point for the year in the fourth quarter of 2014, with only 955 sales being made. The number of distressed inventory, or homes with the potential to be sold at its actual value has passed or will pass soon, also dropped in the fourth quarter, equaling roughly 50 percent of the inventory from the fourth quarter in 2013.
The number of closed short sales was 33.7 percent less than that of 2013, where there were 1,440 closed short sales for the quarter.
Central Ohio’s commercial real estate market, despite a poor first quarter, had a stellar 2014, especially with the third quarter statistics. There were a total of 45 leases in the quarter that makes up nearly 225,000 square feet of retail space leased in the area. With the new leases, the number of vacancies in Central Ohio is on the decline, as well, with the percentage of vacancies dropping by 9.1 percent from the second quarter.
Ohio’s real estate market was great in 2014, and The Robert Weiler Company would like to make the market even better in 2015. We’ve served Ohio’s real estate buyers, sellers, and investors for more than 75 years and are dedicated to making sure you get the Columbus Ohio real estate for sale you’re looking for. Call us now at 614-221-4286 to start the process.