In May 2019 the average price of homes sold in Columbus reached a new record of $253,531. That’s 7.8% higher than a year ago and the highest level yet.
Although, increased home prices might seem like a deterrent, the drop in mortgage interest rates over the past three months has helped to offset this and housing affordability is the best it’s been in a year.
Today’s low rates, strong job market, solid wage growth and consumer confidence continue to drive the local housing market.
Columbus, Ohio has remained in the list of the top ten hottest real estate markets in America since March 2018, based on rising demand and how long it takes to sell a home here.
In ten of those 15 months, Columbus ranked in the top five, rising to #1 in March of this year.
We’re not surprised by the avid interest in homeownership here in Central Ohio. Columbus is the fastest-growing metropolitan area in the Midwest. We offer a business-friendly environment as well as a plethora of things to do, events, entertainment, and an abundance of incredible culinary options. It’s not a shock that people want to live here!
The 3,200 home sales last month in central Ohio was 5.6% higher than a May of last year and over 20% more than last month. Year to date, home sales are just 0.2% above the 2018 sales rate primarily due to a lack of inventory, an issue which has plagued the market over the past few years and one which has contributed to accelerated rates of appreciation.
There were 4,397 homes listed for sale in May. A modest increase of 0.1% from a year ago, but a jump of 18.5% from the previous month.
As a result of the new listings, total inventory increased 16.5% from April.
The majority of homes sold in May were listed in March or April when most buyers were aggressively looking for a new home. We are now entering the summer season, a time when families are on vacation and don’t spend as much time house hunting. You will see less traffic and fewer showing requests for your listing in July and August however, we are right in the middle of what is the busy Spring / Summer Selling Season.
Home sales in some suburbs have declined substantially in May. Dublin (Corp) was down 10.3%, Hilliard (Corp) down 38.1%, Grandview Heights down 18.8%. It appears the drop-in sales is a direct result of a declining number of new listings in these areas and an inventory shortage.
Inventory shortages continue to be most pronounced in the lower tiers of the market, specifically in the first-time buyer, starter home tier.
As market conditions are particularly advantageous for homes in the first-time buyer / starter price ranges, those homeowners should seriously consider listing their home right now.
It’s critical that homeowners work with an experienced real estate agent to ensure their home gets maximum exposure in the shortest time possible ensuring they get top dollar for their home. While low inventory levels might sound like an opportunity to try selling your home For Sale By Owner (FSBO) this is not the case and you will end up leaving money on the table!
The real estate industry would not exist if selling a home were easy. A good real estate agent spends a great deal of time with every transaction, maximizing the appeal and marketability of the home, identifying the target audience and marketing the property to these buyers AND the agents that represent them, negotiating the sale to secure the best possible terms once an offer is received, again after the home inspection has been completed, and the remedy request received and a third time if the appraisal comes in low and the efforts to fight the valuation. Your agent will assist you in avoiding problems before they happen, and solving them when they do.
As you can see, finding the right buyer for a home is only one step. A good agent steers a transaction to settlement through a maze of issues arising from home inspections, title searches, appraisals, and financing.
Here are the highlights (numbers compared to the same month a year ago):
- Closed Transactions – 3,226 – UP by 5.6%
- Pending Contracts – 3,952 – DOWN by 1.6%
- Inventory for Sale – 4,467 – DOWN by 0.1%
- New Listings – 4,397 – UP by 0.1%
- Days on Market – 28 – UP by 3.7%
- Average Sales Price – $253,531 – UP by 7.8%
Bottom Line
If you’re interested in selling your Central Ohio home we’d encourage you to give us a call so we can show you the market conditions in your neighborhood and help you to get the most exposure and the most money for your home!
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
