CENTRAL OHIO POISED FOR RECORD YEAR
Housing market activity for November and the first 11 months of 2020 has proven surprisingly strong in the wake of a pandemic that continues to plague the country. Central Ohio home sales, and prices are at record highs and homes are selling in record time, whereas inventory is at a record low.
Home sales last month increased by 12.7%. Year to date sales are up 3.6% and poised to end 2020 as the highest sales year in central Ohio history.
Over 2,900 homes were put in contract in November suggesting yet another increase in sales for December.
To date, homes sold between $350,000 and $500,000 have accounted for 14% of the sales, up almost 28% from last year. Five percent of the homes sold during the first 11 months of 2020 sold for $500,000 to $700,000, an increase of 28.6%. And homes over $700,000, roughly two percent of the total homes sold this year, are showing an increase of almost 30% (146 homes).
Listings under $350,000, which make up almost 80% of the sales so far in 2020, are down 1.3% from last year.
Homes over $350,000 are responsible for the increase in total sales this year. However, it is homes in the more affordable price ranges, so called starter homes because we simply do not have the supply to meet the demand.
The average sales price of a home during the month of November was $269,391, up 15.3% from November of 2019. The median sales price last month was $235,000 which was an increase of 14.6% from a year ago.
The number of homes for sale dropped again in November to 2,591 which is 45.3% lower than a year ago and 19.7% lower than the previous month. This left central Ohio with less than a one-month supply meaning that, if no more homes were added to the market, those homes listed would be sold in less than a month at the current sales pace.
Traditionally, housing activity recedes slightly when kids go back to school and the holidays approach, but virtual school and flexible work from home schedules fueled by record low-interest rates have proven just the opposite as demand for housing continues to escalate. It will be one of the best winters to sell a home in Columbus and Central Ohio ever and homeowners who are considering selling need not wait until Spring to sell.
While today’s historically low mortgage rates are expected to remain low, they won’t be this low for much longer. This could be the last chance for homebuyers to secure such low rates, and they’re ready to take action. In a recent article, Bankrate explained:
“If you’re looking to buy a home…expect mortgage rates to remain low into 2021. However, the possibility of rates falling to 2.5 percent or lower has faded as the U.S. economy has rebounded.”
The challenge, however, is the lack of homes available for sale. With that in mind, all eyes are on homeowners to see if they’ll sell this winter or wait until spring. Danielle Hale, Chief Economist for realtor.com, says it’s best for sellers to capitalize on this moment sooner rather than later:
“We currently see buyers sticking around in the housing market much later than we usually do this fall. If that trend continues, we will see more buyers in the market this winter, too. So, this winter is likely to be a good time to sell.”
With buyers remaining active this winter, sellers who want to close a deal on the best possible terms shouldn’t wait until spring to put their homes on the market. Most sellers wait until the Spring to list, this of course means more competition. In addition, sellers who list in the Spring tend to be those who have best prepared their homes for market, and sought to time their transactions for that part of the year when buyer activity is TYPICALLY highest. That is, homes that hit the market in the Spring tend to be some of the most desirable, they are more updated, turn key, and Instagram worthy! Sellers who aren’t able or interested in making the investment, including the planning, money and effort necessary might consider listing their homes over the winter, when inventory levels are lowest, competition is lowest, yet buyer activity remains high.
Today’s buyers want a home that is perfectly prepped and Instagram-worthy, offering modern features and finishes that are on trend. These are the homes that sell fastest and for the most money. Unfortunately, for most sellers shelling out the cash to pay for necessary updates and repairs simply isn’t possible, or a hassle they wish they could avoid.
Thanks to Improvio, now they can! Improvio helps eliminate the barriers and hassles associated with pre-sale renovations by managing the project from start to finish, and accepting payment when the home sells.
Improvio gives sellers the ability to make needed improvements to their home that will make it ready for market and attractive to today’s buyers. Even better, there are no upfront costs – No Hidden Fees, No Interest Charges or Markups.
Improvio allows sellers to increase their homes value without the upfront cost and need to invest their own money into the property.
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