The Number of New Listings Jumped in January
There were 2,181 central Ohio homes and condos added to the market during the month of January, almost 55% more than the previous month and an increase of 13.1% from one year ago, according to the Columbus REALTORS® Multiple Listing Service.
There were 1,602 central Ohio homes and condos sold during the month of January, down two percent from a year ago and a drop of almost 22% from the previous month.
Even with a 55% increase in homes listed last month, Columbus continues to experience strong demand for more homes and condominiums. With prices up, if you are considering selling your Central Ohio home, now is the time to start that process by speaking with a REALTOR®.
The median price of a home sold in January was $181,500, an increase of 5.2% from a year ago. The average sale price was $208,512, an increase of 1.3% over January 2018. Across the country, the median home price has risen 40% over the last five years and continues to climb.
The absorption rate also referred to as the month’s supply of inventory during January was 1.4, up from 1.2 at the beginning of last year. The absorption rate is calculated by taking the amount of inventory and dividing this by the average number of monthly sales over the last 12 months. In other words, if no more homes were added to the market, it would take about a month and a half to sell all of the homes and condos currently for sale in central Ohio.
Inventory continues to remain lower than normal for this market. There were 3,818 homes and condos for sale at the end of January, up 12% from last January, but still lower than any previous year.
Scarce supply of homes in some price points is still producing quicker sales, even though the number of pending sales has fallen Listings in the higher price points tend to take longer to sell. A smaller pool of buyers with more discerning requirements contributes to these longer marketing times.
In January, homes listed under $200,000 sold in an average of 36 days. Homes sold between $200,000 and $500,000 took about 51 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 69 days, and homes over $700,000 were on the market for an average of 80 days.
That said, Sellers in any location should not simply rely on seller’s market conditions to sell their home as has been the case with increasing numbers of homeowners attempting to sell their home’s for sale by owner. It’s still important to hire an experienced real estate agent to assist you in the listing and sale of your home. It’s also important that you prepare your home so that it shows well, and it’s especially important to price a home correctly. A home that’s overpriced rather than listed at true market value can discourage buyers from even viewing the property, especially during the crucial two-week period following listing. Of course, an overpriced home with a contract is at risk of running afoul of appraisal issues, which can create nightmares for everyone involved.
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Homeowners planning to list their home this year but waiting for warmer months are missing out on opportunities to sell today, this time of year there are fewer homes to compete against and often these home are less well prepared for market (than those which tend to be listed in the Spring). Furthermore, those buyers who are looking this time of year tend to be motivated and eager to buy. But the short of it is – buyers are out there… and they’re not waiting for summer to buy.
While many homeowners are electing not to list and sell their current homes out of concern for finding a home to purchase, and timing their transactions we have a solution to this problem and it doesn’t include a costly bridge loan and in fact our solution will likely net you more from the sale of your current home! If you are one of these owners call us today to learn how we can assist you in locating a home to buy before you sell, and possibly a buyer in place to purchase your home once we’ve identified your new home!
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley 43209 Columbus 43201 43206 43214 43215 Delaware 43015 Dublin 43016 43017 Gahanna 43219 43230 Grandview Heights 43212 Hilliard 43026 Lewis Center 43035 Marysville 43040 43041 New Albany 43054 Pickerington 43147 Powell 43065 Upper Arlington 43220 43221 Westerville 43081 43082 Worthington 43235