February saw 1,728 closed sales in Central Ohio, marking a 14% increase over last month. The sales bump is a positive indicator that the region is coming out of the winter months, and attitudes around the local market remain resilient.
While the number of closed sales in February improved over the first month of 2023, this still pales in comparison with the year-over-year numbers. Last February, there were 1,953 closed sales, equating to an 11.5% drop compared with February 2022.
A lack of inventory continues to hold back sales. The current inventory of homes for sale in Columbus, Ohio sits at just 2,315, keeping the area firmly entrenched as a Seller’s Market. There is just under one month’s supply of inventory, but that marks a 50% increase over where the market stood in 2022. (for additional info on this topic see The Reasons Behind Limited Housing Inventory)
It’s a positive sign to see a jump in sales over January. Even more encouraging is the fact the number of homes currently under contract is not far off our numbers from 2022. Year-over-year there was only a 6.2% decrease in under-contract home sales in February.
The average sale price in Central Ohio in February was $315,808, a 6.5% increase over last February’s average sale price of $296,489. The median sale price saw a 12% spike, going from $250,000 to $280,000.
Generally speaking, Central Ohio home buyers are averaging a 2.7% discount off the list price, a 3% difference from last year when homes sold slightly over the asking price. This varies dramatically across price point and Central Ohio neighborhoods and communities. In this market the most desirable homes, that is those that are on trend with their decor and amenities, that have been effectively prepared for market and located in desirable local communities continue to fetch the highest prices and to sell at prices that are significantly over list price. An experience Columbus, Ohio Real Estate, such as a member of our team can assist in determining what local homes have sold for and if a home is likely to sell above ask and if so, how far over ask and the most likely premium.
According to Freddie Mac, mortgage rates were rising throughout the month. The average rate on a 30-year fixed mortgage started at 6.09% and ended at 6.65% at the end of February.
Mortgage rates are a hot topic nationally and while home prices have fallen in some U.S. Markets we don’t expect to see a drop in local home values. Central Ohio’s economy remains strong and has been attracting many large employers such as Intel, Facebook, Amazon, and others. Our population continues to grow and we are still seeing great demand from potential buyers in Central Ohio. If there is one segment of the population that the higher rates have impacted, it’s potential sellers who are sitting on a much lower rate in their current home which can serve as a disincentive for these owners to sell and trade up to a higher mortgage rate .
Of the 1,728 closed sales this month, 63 percent have been financed through conventional mortgages. FHA and VA loans accounted for 16 percent of sales, and cash sales in February stood at 22 percent. According to the National Association of Realtors (NAR), 29 percent of transactions across the country in January were all-cash sales.
Columbus remains rooted in the top five of the Realtor.com Hottest Housing Market rankings. February ranks Columbus fifth based on two critical aspects of the market: demand, measured by unique views per property on Realtor.com, and the pace of the market, as measured by the number of days a listing remains active on the website.
The top 20 hottest markets are spread across 11 states, with Ohio leading the way with five metro areas in the rankings. Columbus leads the way at No. 5, followed by Dayton (11), Akron (12), Canton-Massillon (14), and Toledo (18).
Highlighted communities in February included Marysville, Delaware, and Beechwold/Clintonville. Marysville saw a 35 percent increase in sales year over year, with 35 closings at an average sale price of $286,771. Delaware’s sales were up 11 percent thanks to 40 closings, which resulted in an average sales price of $329,330. Beechwold/Clintonville saw a 59 percent rise after 35 sales for an average of $375,226. Grove City saw the most volume outside the city limits, with 113 sales at a median sale price of $260,000.
February 2023 Home Stats
Closed Transactions – 1,728 – UP 14.5%
Pending Contracts – 2,242 – UP 2.05%
Inventory for Sale – 2,315 – DOWN 6.7%
New Listings – 2,001 – DOWN 6.4%
Days on Market – 34 – UP 5.8%
Average Sales Price – $315,808 – UP 4.4%
If you, or someone you know is considering Buying or Selling an Investment Property 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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