Did you hear the recent GOOD news about Columbus, OH, from the National Association of Realtors? The Columbus Team is thrilled to share with you that our wonderful hometown and state Capital of Ohio has made the list of 10 Markets that are expected to outperform over the next three-five years. What does this mean for you? Chief Economist Lawrence Yun indicates, “some markets are clearly positioned for exceptional longer-term performance due to their relative housing affordability combined with solid local economic expansion.” Yun suggests that Columbus, along with the other nine real estate markets listed, offer many benefits to the consumer, including affordability and consistent job growth as we look ahead, making it a favorable environment to become a homeowner. When it’s time to plan your path to homeownership, upsizing, downsizing, or even deciding if you should rent or buy, The Columbus Team is here for you. We’d love to meet-up and share some FREE real estate advice with you. Consulting, planning, and advising are all part of our comprehensive approach to helping you meet your real estate goals! How can we help you?
As we head into fall this year, we cannot assume a typical real estate market since atypical has become the norm the past couple of years.
We are still looking at a surplus of buyers and a shortage of homes available for them to purchase. Interest rates remain favorable, especially for first-time buyers trying to break into the real estate market. But as housing prices are being pushed up due to the lack of inventory, the cost may shut new buyers out.
Housing shortages are due to a variety of reasons, but the top 3 are:
- boomers choosing to age in place rather than move,
- lack of consumer confidence which dropped 9.8 points in June,
- the construction market has faltered with affordable housing new builds due to labor issues and the cost of materials.
Nationally, 35% of home sales in June were savvy first-time homebuyers who are taking advantage and locking in those lower interest rates.
The National Association of Realtors chief economist, Lawrence Yun said, “Home sales are running at a pace similar to 2015 levels – even with exceptionally low mortgage rates, a record number of jobs and a record high net worth in the country,” and attributed the slow sales to the ongoing lack of inventory.
Here in central Ohio, our days on the market are lower than the national average in June of 27 days. Central Ohio’s average was 23 days for the same time with the more affordable properties selling even faster at 18 days.
Home values are rising and a 5.6% increase by May 2020 is estimated by the Home Price Index Forecast.
The last four months of 2019 could pick up or slow down! If hesitant homeowners finally decide to sell, this could open the floodgates to buyers unless consumer confidence & rising prices keep buyers from purchasing in traditional pre-recession numbers.
What we don’t see slowing down anytime soon is affordable turn-key housing! Millennials are the group to watch since they are the largest group on the cusp of purchasing. We’ll be watching Senate Bill 139, Ohio’s First-Time Homebuyer Savings Act! Too late for 2019, but once this bill passes, it will assist all future first-time purchasers with a tax-free savings account to save for their first home.
If you’re contemplating a sale and are wondering what the current market value of your home is, we can help! Call The Columbus Team at (614) 888-6100 to set up an appointment for a comprehensive analysis. There is no obligation to list!
Columbus was THE hottest housing market in March 2019, and has maintained its place in the Top 10 US cities with 10 of those months being in a Top 5 position.
The fact that Columbus is still a Top 10 housing market is not a surprise to those of us who live here and know what Columbus offers its residents. Exceptional food, fun events, sports, education, medical facilities, technology and a great environment for business are only some of the reason we love living here!
Columbus maintains a hot housing market!
(June 21, 2019 – Columbus OH) – Columbus, Ohio has remained in the list of top ten hottest real estate markets in America since March 2018, based on rising demand and how long it takes to sell a home.
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 in this area,” said John Myers, 2019 Columbus REALTORS® President. “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 percent higher than a year ago and over 20 percent more than April. Year to date, home sales are just 0.2 percent above the 2018 sales rate primarily due to the lack of inventory.
There were 4,397 homes newly listed for sale in May. Although a modest increase of 0.1 percent from a year ago, they jumped 18.5 percent from the previous month (April).
As a result of the new listings, total inventory increased 16.5 percent from April, but remained only 0.1 percent up higher than May of 2018 according to the Columbus REALTORS® Multiple Listing Service.
The ten school districts that saw the highest number of new listings in May included Columbus, South-Western, Olentangy, Dublin, Westerville, Hilliard, Pickerington, Upper Arlington, Worthington and Lancaster.
Not surprising, several of the above made the list of top ten school districts that saw the highest number of home sales – Columbus, South-Western, Hilliard, Dublin, Olentangy, Westerville, Pickerington, Worthington, Newark and Upper Arlington.
Prices continue to rise in central Ohio! The average sales price of a home sold in May was $253,531, up 7.8 percent from one year ago. The median sales price was $220,000, also up 7.8 percent from 2018.
“Although, increased home prices might seem like a deterrent, the drop in mortgage interest rates over the past three months means that housing affordability is the best it’s been in a year,” added Myers.
Columbus REALTORS® is comprised of almost 8,000 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross counties.
(April 22, 2019 – Columbus, OH) – Earlier this month, the Columbus area was ranked #1 hottest housing market in March by Realtor.com based on home listing activity and days on the market.
Last month, there were one thousand more homes listed for sale compared to February. The jump from 2,200 to 3,200 new listings generated increased interest and foot traffic from buyers actively seeking to purchase a home in central Ohio.
As a result, more homes were sold or put in contract in March according to the Columbus REALTORS® Multiple Listing Service.
Months supply remains at 1.4 meaning that, if no more inventory were added to the market, it would take less than a month and a half to sell the current inventory based on the current sales pace.
“Even with the increase in new listings, we ended the month with roughly the same number of listings as we had in February,” said John Myers, 2019 Columbus REALTORS® President. “This means consumers bought as much as was added to the market.”
Although March 2019 homes sold or pending sale was down from one year ago, sales were up 24.7 percent from the previous month and homes that went into contract spiked 32.3 percent from February.
The median sale price of a home in central Ohio sold during the first quarter was $189,900, up 6.1 percent from one year ago. The average sale price was $221,372, up 3.9 percent from the first quarter of 2018.
“Given our strong job growth, low-interest rates and so many central Ohio buyers looking to buy a new home, we’re hoping to see new listings continue to increase as we head into the summer months,” added Myers.
Columbus REALTORS® is comprised of over 8,300 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway, and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross counties.
The following report maintains there is still fierce competition for homes in central Ohio because there is no shortage of buyers looking for homes despite inventory levels being down and sales prices rising. The half percent drop in mortgage rates helps the market keep moving. Read on for more details…
Competition remains fierce for homes in central Ohio
Although inventory levels are down and sale prices are up, there appears to be no shortage of buyers. February home sales came in at 1,744 which was 3.7 higher than a year ago and 8.9 percent more homes sold than in January 2019.
The number of homes in contract trailed February 2018 by almost three percent, however pending sales were up almost six percent from January, according to the Columbus REALTORS® Multiple Listing Service.
Home sales were not the only good news for February. After peaking late last year at just over five percent, home mortgage rates have come down a half percent (or more) giving buyers the option of more home for their money.
“As mortgage interest rates have come down, more buyers have re-entered the market and competition remains fierce,” said John Myers, 2019 Columbus REALTORS® President. “REALTORS® report that, if a house comes on the market that is in good condition and is realistically priced, it is likely to sell quickly.”
There were 2,249 central Ohio homes and condos added to the market in February 2019, which was up 3.1 percent from January, but down 5.2 percent from a year ago.
The added inventory brought the total number of homes and condos for sale to 3,613 at the end of February, down 5.4 percent from the previous month.
Although there were more homes on the market last month versus one year ago, the steady decline of inventory over the last several years means the central Ohio market is still not hosting the number of homes for sale that we’ve seen historically.
The median sale price of a home in central Ohio sold last month was $189,700, up 7.2 percent from one year ago. The average sale price was $220,694, up 4.7 percent from February of 2018.
“As the end of winter is on the horizon, we’re going to see more houses listed for sale,” added Myers. “Sellers can take full advantage of the low inventory and higher prices by listing their home now.”
Current housing report – February 2019
Columbus REALTORS® is comprised of over 8,300 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more