Housing Market Update
The holidays are here, yet inventory is still strong. 2,749 homes sold in October which was an increase of 149 homes from September. Additionally, homes put into contract increased by 3.7% over last month.
“A sale is listed as ‘in contract’ when the contract has been signed but the transaction has not closed,” said Sara Walsh, 2018 Columbus REALTORS® President. “In Contracts are a critical metric we use to predict future sales as those homes are usually finalized within one or two months of signing.”
The average sale price of homes sold last month was $225,519, a 4.7% increase from this time last year, and a 6.4% increase year-to-date.
“With the increase in inventory, recent data showed that 44.43 percent of home sellers reduced the price of their home to ensure a timely sale,” said Walsh. “Yet, sellers are still seeing healthy appreciation in the value of their home.”
There were 3,059 homes and condos added to the market last month which is 5.3% higher than this time last year. Last month, homes spent an average of 33 days on the market before going into contract.
“With the uptick in inventory, central Ohio buyers now have more options to choose from when selecting a home,” Walsh said. “Even though kids are back in school and the temperature has dropped, potential sellers need to know that buyer demand remains strong.”
So, if you are considering buying a home, now is a great time to be looking. Inventory is holding strong, and the buyer pool is lower; so, more choices and less competition!
For a detailed report on your neighborhood, contact The Alfriend Group today at (614) 395-1776 or email us at firstname.lastname@example.org.