Homes Available For Sale In Central Ohio Are Decreasing Again
There were 3,230 central Ohio homes and condos sold during the month of August which was down 0.6% compared to the same month last year, and 3.1% lower than the month prior.
The average price of a home sold in central Ohio year to date (January through August) climbed to $243,558, an increase of 6.3% over August 2018, but was down 3.4% over last month.
The median price of a home sold in central Ohio year to date (January through August) climbed to $211,000, up 8.2% from the previous year. The average price of a home sold during the first eight months of the year was $243,558, an increase of 6.3% over August 2018.
There were only 3,690 central Ohio homes and condos added to the market during the month of August which was 4.6% fewer than July, and 3.4% behind the same month a year ago.
The added inventory brought the total number of homes and condos for sale in central Ohio up to 5,187 which was up 3.6% over the previous month, but down 4.5% from August 2018.
Despite the added inventory, total transactions and the average sales price were both down in August. That said, homes prices do tend to peak in Central Ohio in June and begin to decline there after as sellers attempt to compete for buyers before the start of the school year. July vacations and preparing for the start of school also tends to impact sales volume in the month as it typically takes a buyer 30 days to secure their financing.
While there has been talk of recession, given the low unemployment, wage growth and low interest rates, most economists don’t foresee one in the near future. However, the housing market along with the economy is cyclical and a market correction is inevitable at some point.
That said, the shortage of homes for sale combined historically low mortgage interest rates continues to fuel the housing market and serves to dampen any slow down which may result from a slow down in the general economy. Lower housing supply up against strong buyer demand as well as record home equity would cushion the effects of any recessionary activity we might see in the future. That is while activity would likely slow down, this would serve to bring demand more in line with supply which in turn would serve to slow appreciation, but depreciation in Central Ohio home values would be highly unlikely. The fact is builders have failed to keep pace with demand and Columbus and Central Ohio needs more homes.
Although home values have been increasing steadily over the last several years, home owners need to be realistic when pricing their home for sale. The media continues it’s talk of recession and buyers have become wary of overpriced homes. We’re seeing far fewer bidding wars that we did in months past, and we’re already starting to see seasonal price reductions in some local markets and price points, this as sellers attempt to get ahead of the market pricing their homes to sell before the holidays.
Here are the highlights (numbers compared to the same month a year ago):
- Closed Transactions – 3,230 – DOWN by 3.1%
- Pending Contracts – 3,639 – DOWN by 4.2%
- Inventory for Sale – 5,187 – UP by 3.6%
- New Listings – 3,690 – DOWN by 4.6%
- Days on Market – 27 – UP by 14.8%
- Average Sales Price – $243,558 – DOWN by 3.4%
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please give us a call and we’d be happy to assist you!
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley 43209 Columbus 43201 43206 43214 43215 Delaware 43015 Downtown Dublin 43016 43017 Gahanna 43219 43230 Grandview Heights 43212 Galena 43021 Hilliard 43026 Lewis Center 43035 New Albany 43054 Pickerington 43147 Polaris Powell 43065 Upper Arlington 43220 43221 Westerville 43081 43082 Worthington 43235
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