A strong Ohio State realty housing market has a healthy impact on its surrounding commercial real estate, allowing it to be stable and vibrant. Luckily, this has been the case, as the housing market in Ohio has shown significant signs of improvement in both September and October 2014.
According to multiple reports, home sales in Ohio have increased in both September and October, compared to 2013’s sales during the same months. October did see a slight drop from September’s sales numbers – typical of the housing market when cold weather is approaching. However, there was a noted increase from October 2013 to October 2014.
The Northern Ohio Regional Multiple Listing Service also reported that housing prices rose 2.7 percent from last year, and prices on new condominiums increased 5.3 percent. The price range of the homes purchased was vast, according to the listing service, stating Ohio homes sold for as low as $3,100 and as high as $2 million in October.
October’s home and condominium sales, alone, should not give you hope for the commercial Ohio State realty market and overall real estate stability within Ohio. Having equally as impressive numbers in September should.
What should be most encouraging to real estate buyers and sellers in the Central Ohio Real Estate market is the diminishing amount of homes available for sale. The average price of homes from September 2014 compared to September 2013, according to the realtor.com September 2014 Housing Report, experienced growth consistent with other year-over-year comparisons. The report stated the average price was up 7.7 percent. Homes also spent less time on the market, according to the report, with homes in September 2014 being available for an average of three fewer days compared to September 2013, spending an average of just 90 days on the Ohio State realty market.
While this report focuses on the exponential growth of the Ohio State real estate housing market, it is important to understand that the housing market has an impact on the commercial real estate market, and its health will strengthen the commercial real estate market. The recent sales bump spike is sure to be replicated within the Ohio commercial real estate market.
Having provided Ohio’s prospective real estate buyers with more than 75 years of expertise, The Robert Weiler Company is dedicated to ensuring you get the property, appraisal, manager, developer, and/or consultant you’re looking for. As Central Ohio’s top real estate firm, we want to help with all of your commercial real estate needs. Call us at 614-221-4286 to speak with one of our foremost Ohio state realty experts today.