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.