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