Future home sales looking strong in central Ohio
It’s no secret that interest rates have slowly, but surely, been inching upwards. While a 5% interest will cause many buyers to pause and reevaluate their purchasing power and strategy. Even a quarter point has a real impact on housing affordability. Skepticism is in the air, meaning the frenetic pace of buyers trying to get in at “historically low-interest rates” may be in the rearview. In fact, buyers are starting to take more time analyzing deals and understanding what their money buys in this shifting market.
That said, there were 2,742 homes and condos sold in October, which is 18 homes less than a year ago, but 149 more home sales than September. These homes took longer to sell in October as the days on market increased almost 14%.
Although down 4.1% from a year ago, homes put in contract jumped 3.7% from September to October. This was the second highest number of homes in contract in October in 12 years.
A sale is listed as ‘in contract’ when the contract has been signed but the transaction has not closed. In Contracts are a critical metric we use to predict future sales as those homes are usually finalized within one or two months of signing.
The average sales price for a central Ohio home in October was $225,519, which is up 4.7% from a year ago. The median sales price was $193,918, up 6.0% from October 2017.
There were 3,059 homes and condos added to the market in October, which is 5.0% more than the previous year, leaving inventory at 5,405, up 5.3% from one year ago.
With the increase in inventory and the seasonal slow down, 44.43% of home sellers reduced the price of their home in an effort to expedite the sale of their property. Despite this, sellers are still seeing healthy appreciation in the value of their home.With the uptick in inventory, central Ohio buyers now have more options to choose from when shopping a home. Even though kids are back in school and the temperature has dropped, potential sellers need to know that buyer demand remains strong.
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