Central Ohio Housing Report – July 2021

Last month saw double digit increases in homes coming on the market which helped many patient buyers finally find the homes they’ve been waiting for! Sales did not see a corresponding bump which suggests the fall market may see a change in the fast pace of the past year. Continue reading for the full market report in central Ohio…

More inventory, fewer sales!

For the fourth consecutive month, new listings increased by over 20 percent. Given the lack of inventory needed to meet demand for the last few years, double-digit increases in new listings have been accompanied by a corresponding increase in home sales.

But that wasn’t the case in July according to the Columbus REALTORS® Multiple Listing Service.

There were 4,612 homes added to the central Ohio market last month, which was an increase of 21.0 percent from last year. However, at 3,630, the number of home sales only increased 2.7 percent – a marked change from the double-digit increases seen in eight of the last 10 months.

“It’s possible we’re seeing a change in the pace of housing activity as we head into the fall,” said Michael Jones, 2021 President, Columbus REALTORS®. “The welcome increase in inventory is giving buyers more choices, as well as a little more flexibility to consider their options.”

The average price of a home sold in July was $313,737, up 12.8 percent from July of 2020. The median sale price was up 12.2 percent to $275,000.

Thus far in 2021, just under five percent of homes listed had list price increases prior to sale. However, 12.6 percent of homes needed a decrease in the list price in order to sell.

These price adjustments have trended down since the beginning of the year. Last month, just under 15 percent of homes saw price adjustments, whereas in January, 27.2 percent of homes had an adjustment to their price prior to sale.

“As REALTORS®, we recommend pricing a home at market value, usually a value that will appraise,” said Jones. “If the current market supports a higher value, we’ll see that in the offers.”

The time it took to sell a home remained at 11 days last month.

Homes under $350,000 sold in an average of 9 days. Homes sold between $350,000 and $500,000 took about 12 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 15 days, and homes over $700,000 were on the market for an average of 18 days.

For the first seven months of 2021, homes have sold in an average of 17 days. Breaking this down by price range, homes under $350,000 sold in an average of 14 days. Homes priced $350,000 -$500,000 took 18 days. Homes between $500,000 and $700,000 took 27 days to sell and homes over $700,000 sold in an average of 40 days.

July 2021 Housing Report

Columbus REALTORS® is comprised of over 8,700 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.

Central Ohio Housing Report – June 2021

The Central Ohio real estate market set more records in June!

“Ten years ago, it took almost 100 days to sell a home priced between $350,000 and $500,000. Last month, it took an average of ten days!”

There is also good news for buyers; more new listings that came on the market resulted in the highest number of homes sold on record during any single month! We expect the number of homes being listed to continue to increase going into fall.

Record sales at record prices in record time!

A healthy influx of new listings in June resulted in the highest number of homes sold on record during any single month. There were 3,644 homes closed during this busy summer month, which was 15.6 percent higher than last year and 21.3 percent higher than May.

For the first half of 2021, home sales are also at a record high of 16,033 and 12.6 percent higher than last year according to the Columbus REALTORS® Multiple Listing Service.

“Over the last year, we’ve averaged about 3,000 new listings each month”, said Michael Jones, 2021 President of Columbus REALTORS®. “But last month, we had 4,359 homes added to the market for sale. This was quite the boon for motivated buyers who acted quickly to put them in contract!”

Homes that went into contract in June set another record which, combined with the increase in new listings, suggest strong homes sales in July.
 
The average price of a home sold in June was $316,207, an increase of 15.8 percent from a year ago. The median sale price was $275,000, an increase of 14.1 percent over June 2020.
 
Year to date, homes sold during the first six months of 2021 sold at an average of $292,860 which is 15.9 percent ahead of last year. The median sale price of $251,000 is 13.1 percent higher than a year ago during the same period.

Not only were new listing and sales activity strong last month, but the time it took to put a home in contract dropped to an all-time low of 11 days in June 2021.
 
Homes under $350,000 sold in an average of 9 days. Homes sold between $350,000 and $500,000 took about 10 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 19 days, and homes over $700,000 were on the market for an average of 40 days.
 
For the first half of the year, homes have sold in an average of 18 days. Breaking this down by price range, homes under $350,000 sold in an average of 15 days. Homes priced $350,000 -$500,000 took 20 days. Homes between $500,000 and $700,000 took 30 days to sell and homes over $700,000 sold in an average of 45 days.
 
“Although homes under $350,000 have always been in high demand, we’re seeing significantly increased interest for homes in the higher price ranges this year,” added Jones. “And as demand is higher, most homes are selling more quickly.”
 
“Ten years ago, it took almost 100 days to sell a home priced between $350,000 and $500,000. Last month, it took an average of ten days!”

June 2021 Housing Report

Columbus REALTORS® is comprised of over 8,700 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.

Central Ohio Housing Report – May 2021

More records were set in May when the average number of days it took for a home to sell across central Ohio dropped to 14! The number of active listings did increase last month resulting in a higher number of sales as well. Read the full report below.

Homes Selling Faster Than Ever Before! 

The time it took a home to sell during the month of May dropped to its lowest point on record. According to the Columbus REALTORS® Multiple Listing Service, listed homes took an average of 14 days to sell.  

Days on market is calculated from the list date up until the actual day that the status is changed to Contingent, Pending, Temp off Market, etc. Days on market are the actual days that a property was Active.

“This is not necessarily how long the house has been on the market,” said Michael Jones, 2021 President, Columbus REALTORS®. “If an owner switches real estate agents, the number is reset. There are also occasions when a home is withdrawn and later relisted. This would also reset the DOM. However, REALTORS® are able to research the properties MLS history and can tell more effectively how long the property has been on the market.”  

Ten years ago, there were 17,603 homes for sale – 88 percent more than today, and yet home sales today are 50 percent higher. 

Market shares have also changed significantly over the last decade. In May 2011, homes under $350,000 accounted for 93.5 percent of the homes sold and it took an average of 109 days to sell. Last month, homes in that price range totaled 2,054, or 68.4 percent of the sales, and they sold in an average of 11 days! 

At the other end of the spectrum, there were 13 homes over $700K that sold in May of 2011 and it took an average of 251 days for them to sell. This year, there were 137 homes sold in that price range – a 592 percent increase in market share – and they sold in an average of 27 days!

“The dramatic changes in market share and days on market provide meaningful insight into the needs and wants of today’s home buyer,” added Jones. “And the fact that we have so many more buyers in the higher price ranges impacts the average market home sale price.”
 
The average sale price jumped 21.8 percent from to $315,127 and the median sale price rose from $233,000 to $275,000 which was an increase of 18 percent, year over year.
 
A welcome increase in new listings resulted in a rise in the inventory last month, even with an increase in home sales. New listings rose almost 21 percent from a year ago and almost eight percent from April.
 
The number of homes sales also rose 18.1 percent year over year and 7.1 percent from the previous month. And a healthy increase of 15.3 percent in contracts suggests strong home sales ahead for June.

May 2021 Housing Report

Columbus REALTORS® is comprised of over 8,700 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.

Central Ohio Housing Report – March 2021

Buyers are moving quickly on any new listings that come on the market. In March, just listed homes jumped 51% over February which resulted in a 36% increase of homes in contract as well!

If you’re considering a purchase or a sale, we can help you navigate this hectic, multiple offer market!  

New listings jump fifty percent in March

After two consecutive months of new listing declines, homes added to the market in March jumped 51.1 percent from the previous month. The 3,094 homes listed last month showed a marked improvement from the 2,047 new listings in February and 2,187 in January.

Buyers moved quickly on the added inventory putting 3,289 homes in contract, up 36.2 percent from February and 8.2 percent from last year.

This left the number of homes available for sale at the end of March at 1,639, down 51.9 percent from March of 2020, according to the Columbus REALTORS® Multiple Listing Service

As a result, months supply remains at 0.6 which means that, if no more homes were listed for sale, it would take just a couple weeks to sell the available inventory at the current sales pace.

“Inventory levels remain at record lows due to the significant increase in demand for homes in central Ohio that we’ve experienced for the last ten years,” said Michael Jones, 2021 Columbus REALTORS® President. “Meeting that demand is a process and will take time.”

“As every seller creates an opportunity, we’re hopeful that more homeowners will enter the market as things open up this spring and summer.”

Despite the drop in pending contracts reported in February, home sales increased almost 30 percent last month putting the first quarter of 2021 about three percent ahead of last year.

The average home sale price rose to $272,723 during first quarter 2021, an increase of 13.1 percent from one year ago. At $233,500, the median sale price reflected a gain of 11.2 percent.

Although homes have been selling in about 25 days this year, the time it takes a home to sell is based on several factors such as location, condition, and price. 

Homes under $350,000 sold in an average of 20 days. Homes sold between $350,000 and $500,000 took about 33 days to sell. Homes sold between $500,000 and $700,000 sold in an average of 52 days and homes over $700,000 took an average of 64 days to sell.

Homes under $350,000 sold in an average of 21 days. Homes sold between $350,000 and $500,000 took about 39 days to sell. Homes sold between $500,000 and $700,000 sold in an average of 57 days and homes over $700,000 took an average of 68 days to sell.
 
The average home sale price was $266,893 in February, an increase of 13.4 percent. At $255,500, the median sale price reflected a 7.4 percent gain.
 
With demand significantly outpacing supply, most homes sold in February sold for more than the list price. Those home that did sell for more than asking price, sold for an average of five percent more.
 
“Many homeowners have been reluctant to open their homes for showing due to concerns about the pandemic,” added Jones. “We expect to see an increase in sellers entering the market this spring as more and more people get vaccinated.”
 
March 2021 Housing Report

Columbus REALTORS® is comprised of over 8,700 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.

2020 Market Report: Central Ohio Broke All Records!

Below is a review of the 2020 housing market which was challenged by constant inventory shortages.  The 2021 outlook remains the same as buyer interest is steady amongst a significant inventory shortage.

If you are considering a sale, multiple offers are expected to continue to be the norm.  If you are buying, it is more important than ever to use a REALTOR with experience who can guide you effectively and successfully through your purchase.  Call The Columbus Team, we have the experience you need during this market. (614) 888-6100.

2020 BROKE ALL RECORDS!

Record highs: Sales, Prices
Record lows: Inventory, Days on Market, Months Supply

The 2020 housing market was unexpectedly turbulent towards the end of the first quarter due to the pandemic that spread across the country. As the first wave of COVID-19 hit in the spring, housing market activity slowed substantially before staging a dramatic comeback just a couple of months later. 

Buyer activity was the leader again in 2020. With mortgage interest rates setting record lows multiple times throughout the year and a strong drive by many buyers to secure a better housing situation – in part due to the new realities brought on by COVID-19 – many segments of the market experienced a multiple-offer frenzy not seen in the last 15 years or more.

While markedly improved from their COVID-19 spring lows, seller activity continued to lag buyer demand, which had strengthened the ongoing seller’s market for most housing segments as inventories remain at record lows.

The housing market in 2020 proved to be incredibly resilient, ending the year on a high note. Home sales and prices were higher than in 2019 across most market segments and across most of the country. Seller activity recovered significantly from the COVID-19 spring decline, but overall activity was still insufficient to build up the supply of homes for sale.

Sales: Home sales increased 4.1 percent in 2020 to 33,431, usurping the previous record of 32,218 in 2017 by 3.8 percent.

Single-family home sales increased 4.2 percent last year while condominium sales were up 3.4 percent.

Condos held on to its market share of just under 15 percent of sales and single-family homes made up the lion’s share of 2020 sales at just over 85 percent, also unchanged from 2019.

Prices: Strong demand and lack of supply worked to push home prices up in 2020. The overall median sales price increased 10.5 percent to $232,000 for the year. Single-family home prices were up 10.5 percent compared to last year, and condo home prices were up 8.3 percent.

In the central Ohio area, Columbus REALTORS® has established the affordable housing benchmark as $180,000 based on median income, typical family size, interest rates and qualifying ratios. This would, of course, include most first-time home buyers.

Homes under $180,000 made up 33 percent of the market share in 2020, a decrease of 17.5 percent, while homes over $180,000 gained 11.7 percent market share.

“Although we had very strong demand for entry-level homes, sales were down as we simply didn’t have sufficient inventory in the under $180,000 price point,” said Michael Jones, 2021 Columbus REALTORS® President. “Fewer home sales in this sector and more home sales in the higher price ranges also served to push the overall market sales price. In many cases, the $180,000 home has now become the over $200,000 home.”

List Price Received: Sellers received, on average, 99.8 percent of their list price at sale, up 1.1 percent from 2019. Due to the declining inventory in the last half of the year, the average sale price exceeded the list price in five of the last six months.

Inventory: New listings decreased by 4.3 percent to finish the year at 36,023. Other than seven months in late 2018 and early 2019, central Ohio has experienced year over year declines in inventory for nearly ten years.

There were 2,049 active listings at the end of 2020, which was 47.3 percent less than the previous year. Five years ago, there were just over 6,000 listings at the end of the year, and ten years ago, that number was up to 16,000.

Months Supply: Reduced inventory and strong demand resulted in a 0.7 months supply at the close of 2020. This means that, if no more inventory were added to the market, it would take about three weeks to sell all listed homes based on the current sales pace – yet another record low for central Ohio.

Lender-Mediated Properties: The foreclosure market continued to remain a small player in the overall market amid numerous forbearance efforts undertaken by the government and lenders. In 2020, the percentage of closed sales that were either foreclosure or short sale decreased by 27.0 percent to end the year at 1.8 percent of the market. Foreclosure and short sale activity may tick higher in 2021 as forbearances expire with some homeowners unable to meet their obligations.

As we look to 2021, signals suggest buyer demand will remain elevated and tight inventory will continue to invite multiple offers and higher prices across much of the housing inventory.

Mortgage rates are expected to remain low, helping buyers manage some of the increases in home prices and keep them motivated to lock in their housing costs for the long term. These factors will provide substantial tailwinds for the housing market into the new year.

“As more people are working from home, the need for more space or a different type of space has noticeably increased,” added Jones.

“If you’re uncertain about listing your home, consider this: record low-interest rates will enable you to afford more home. And if limited options are discouraging, new construction is an excellent option as there are so many new developments which can offer space that meets your needs.” 

2020 Year-End Housing Report

December 2020 Housing Report

Columbus REALTORS® is comprised of over 8,600 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.