This year there were 1,610 central Ohio homes and condos sold last month, up about 6.0 percent from the previous month, year over year up 4.7 percent, and a record high for the month of February.
In January home sales set a record high also, for the first two months of 2016, sales have topped the charts.
There were 2,628 central Ohio homes and condos added to the market during the month of February, another 16.9 percent increase over January and a 9.7 increase year over year.
Home selling prices were at record highs. The average sale price of a home in February was $185,556, up 3.8 percent from February 2015 and a slight increase (0.5 percent) over the previous month. The median price in February was $154,700, an increase of 4.5 percent from a year ago.
The average price is the total volume divided by the number of homes sold. The median is the midpoint — half the homes sell for less, while half sell for more.
Inventory continued to shrink in February, with the total inventory of homes for sale in central Ohio coming in at 5,433. This was a 20 percent fall from February 2015 and a 6.2 percent drop from the previous month. Inventory levels have not been this low since before 2000.
The months supply of inventory during February was 2.1, which is 27.6 percent lower than a year ago, and the lowest on record. The months supply is calculated by taking the amount of inventory divided by average monthly sales over the last 12 months. In other words, if no more homes were added to the market, it would take about 2.1 months to sell all of the homes and condos currently for sale in central Ohio.