The sizzling central Ohio housing market is showing no signs of slowing down as houses are selling at a blistering pace, according to new home sales figures from Columbus Realtors.

Homes were only on the market for an average of 14 days last month, half of the 28 days it took to sell a home just a year ago. Five years ago it took an average of 45 days to sell a home.

The time it took a home to sell in May dropped to its lowest point on record, according to the Columbus Realtors Multiple Listing Service.

“This is not necessarily how long the house has been on the market,” said Michael Jones, 2021 President, Columbus Realtors. “If an owner switches real estate agents, the number is reset. There are also occasions when a home is withdrawn and later relisted. This would also reset the (days on market). However, Realtors are able to research the properties MLS history and can tell more effectively how long the property has been on the market.”

Days on market is calculated from the list date up until the actual day that the status is changed to contingent, pending or temporarily off market. Days on market are the actual days that a property was active.

Homes are selling at such a fast pace because there are so few homes available for purchase.

Ten years ago, there were 17,603 homes for sale – 88 percent more than today.

The high demand for homes and fewer homes available for purchase have led to skyrocketing prices.

In May there were 2,068 homes for sale, 35.6 percent fewer than in May 2020 and 55 percent fewer than in 2017.

The months supply of inventory is down to a minuscule 0.7 months. Last May it was 1.2 months. Months supply of inventory is how many months it would take to sell the homes that are for sale without adding any new homes for sale.

The average price of a home purchased in May was nearly $115,000 higher than the average price for homes sold five years ago.

Home sale prices have risen 49 percent in that time. In May the average sale price was $315,127. In May of 2016 the average price was $210,975.

Market shares have also changed significantly over the last decade. In May 2011, homes under $350,000 accounted for 93.5 percent of the homes sold and it took an average of 109 days to sell. Last month, homes in that price range totaled 2,054, or 68.4 percent of the sales, and they sold in an average of 11 days.

At the other end of the spectrum, there were 13 homes over $700K that sold in May of 2011 and it took an average of 251 days for them to sell. This year, there were 137 homes sold in that price range — a 592 percent increase in market share – and they sold in an average of 27 days.

Statewide, the Ohio housing market was also brisk in May, as sales increased 19.8 percent from the same month a year ago, according to Ohio Realtors.

Home sales in May reached 14,130, a 19.8 percent jump from the 11,790 sales recorded during the month last year.

The average sales price across Ohio in May reached $243,641, an 18.1 percent increase from the $206,240 mark posted during the month in 2020.

“The Ohio housing market maintained its momentum in May, as both sales activity and values experienced healthy gains,” said Ohio Realtors President Seth Task. “The May results are a clear indication that the traditional spring home buying season is in full bloom … Both Ohio Realtors and the National Association of Realtors are working with industry partners in collaboration with local, state and federal governments to explore ways to solve the current inventory shortage.”