Central Ohio Real Estate Update: September 2018

Housing Market Update

Fall is near, but home prices are still high due to continued low inventory. However, higher priced homes that did not sell during the Summer market, are having to reduce their prices due to a limited buyer pool.

Inventory on homes and condos for sale in Central Ohio last month was 5,429, a 4.7% increase from July. The average sale price of homes sold last month was $229,033, a 6.4% increase from this time last year. However, in-contract sales dipped 6.7% in August from July, while closed sales rose 2.3% for the same period.

“Scarce supply of homes in some price points are still producing quicker sales, even though the number of sale pending properties has fallen,” said 2018 Columbus REALTORS® President Sara Walsh. “Listings in the higher price points tend to take longer to sell. A smaller pool of buyers with more discerning requirements contributes to these longer marketing times.”

“It is important to acknowledge that real estate is local and marketing practices based on market knowledge must be specialized,” Walsh said. “Only REALTORS® have a true pulse on the needs and wants of the consumer.”

Homes listed under $200,000 sold in an average of 25 days. Homes sold between $200,000 and $500,000 took about 30 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 76 days, and homes over $700,000 were on the market for an average of 95 days.

“The higher the price, the greater demand for sophisticated marketing to a more expansive network to secure the right buyer,” added Walsh. “This is where a professional real estate agent is an invaluable resource.”

So, if you are considering selling your home, now is still a great time to get it on the market, so you can be transitioned before the harsh weather and holidays arrive.

For a detailed report on your neighborhood, contact The Alfriend Group today at (614) 395-1776 or email us at info@alfriendgroup.com.

September newsletter

About The Alfriend Group

Kyle Alfriend has been selling and marketing homes for over 20 years, successfully selling and buying homes in a variety of market conditions. He has sold over 1,200 homes, totaling over $250 million in homes sales. In Dublin, he has sold more homes that anyone ever. He has represented the areas largest builders, built his own homes, and owns and manages several investment properties. He has been awarded the "Top 10 M.A.M.E. Award (Major Achievements in Marketing Excellence) by the building and Realtor associations every year since 1993. He believes that everyone deserves the very best in knowledge, experience, and integrity when buying or selling their home. The Alfriend Group was started 5 years ago as a real estate team of professionals, specializing in buying/selling homes, property management, and real estate investments. For more information, call us today at (614) 395-1776.

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