Not all homes are selling quickly
Central Ohio homes only spent an average of 23 days on the market during the month of June, which is 4 days fewer than May and is now the lowest on record, according to the Columbus REALTORS® Multiple Listing Service.
“With more buyers than sellers, many homes are selling quickly in today’s market,” said 2018 Columbus REALTORS® President Sara Walsh. “However, not all homes are selling that quickly.”
Residential homes for sale in June show an average market time of 72 days and homes listed between $500,000 and $749,999 have been on the market for an average of 114 days. Homes in the upper price tiers were the first to recover after the downturn as luxury buyers sought to take advantage of low prices and low mortgage interest rates. As homes prices have recovered and mortgage interest rates have begun to rise, buyer activity on this end of the market has slowed. While demand remains solid in this price point there is simply more competition and a smaller pool of buyers thus resulting in longer market stays. Luxury homeowners should not their home to sell in days, or even weeks and should anticipate longer sales windows and should speak to an agent specializing in luxury homes about the current averages and general market conditions.
The average sales price of a home during the month of June in central Ohio was $244,830, which is 8.7% more than June 2017 and the highest on record for any one month. The median sales price was $212,000, up 11.4% from a year ago and also a record high.
The average sales price of a home sold year to date (January through June) sold for an average of $226,669, up 6.6% from the first half of 2017. The median sales price for the first six months of 2018 was $192,500, up 7.5%.
It’s important for sellers to understand that even though some homes are selling quickly, selling on your own isn’t advisable. Having a REALTOR® represent you is most beneficial in today’s complicated market and to ensure you get top dollar for your home and don’t leave any money on the table. Data shows homes sold by REALTORS® sell for approximately 32% more (26% after Real Estate Commissions and this doesn’t consider the additional savings incurred through the use of the agent’s professional partners (contractors, stagers, title agents, etc) and homeowners looking to fetch top dollar for their home need the assistance of a skilled REALTOR®.
Even with a dip in new listings, inventory increased to 4,912, up 9.9% over May, but still down 3.2% from last June. This left central Ohio with a 1.8 months supply of inventory at the current sales pace.
While it’s encouraging to see an increase in inventory and we certainly hope sellers continue to realize now is an exceptional time to sell a home, current levels are far from what is needed to satisfy demand in most price points and most parts of the city. Central Ohio’s robust economy is bringing more interested buyers into the market, and new-home construction is failing to keep up. Buyers are motivated and more than ready and if you’re considering selling a home, now is an ideal time to do so, especially if you’re a move up buyer!
There were 3,338 homes and condos sold in June, which is 9.2% more than May, although down 5.1% from June 2017.
According to the latest Housing Market Confidence Index by the Ohio REALTORS®, 100 percent of central Ohio REALTORS® describe the current housing market in their area as moderate to strong and 87 percent expect prices to increase over the next year.
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Salesin; 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