At the end of July there were over 6,400 homes for sale in Central Ohio, 8% more than last month, but still 20% lower than last year. While more and more homes keep coming up for sale, the supply can’t quite keep up with the demand. Though total home sales were down from last year, home owners should not be alarmed. This is simply due to low inventory. There are plenty of home buyers right now, but not enough sellers. Historically, home sales start to lag towards the end of Summer as kids go back to school, however this year is different – now is actually a great time to list your home! Average sale prices are increasing and homes are selling in just 33 days – a Central Ohio all-time low! So why is this year different? Even though we’re in a “sellers market”, buyers are taking advantage of the low interest rates which recently bottomed-out at 3.25%. Secondly, many young professionals, who are not bound by school schedules, are buying homes this year. While families prefer to move prior to school starting, people without children are very flexible. Because of these two trends, we anticipate the strong real estate market to continue for another few months.

For a detailed report on your neighborhood, contact The Alfriend Group today at (614) 395-1776.

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