Housing Market Update
COVID-19 remains a serious concern, but many still have to sell while others want to take advantage of low interest rates, so real estate continues!
Despite continued school and business closings, many homeowners have no choice, but to sell their homes; and, interest rates remain at record lows which continues to attract home buyers. So, Central Ohio real estate remains relatively strong.
Central Ohio home sales, contracts, new listings, inventory, and prices all showed healthy increases in March compared to February.
March home and condo sales in Central Ohio was up 11.8% from the same time last year, and 1.5% from last month. Also, the average days on market for homes priced under $350,000, was only 32 days; and, the average sales price was $241,032, up 8.9% from the first quarter last year.
Despite the continued “Stay at Home” order in Ohio, real estate transactions are still taking place. Real estate services, including lending services, appraisals, inspections, and title services are all essential businesses and operations; and, we continue to take every precaution to maintain a safe working atmosphere and are following all social distancing protocols.
Drive-by appraisals and drive-up closings are just a couple of the ways the real estate industry is adjusting to these new regulations. Realtors are also doing virtual showings and list appointments via FaceTime or Skype.
So, if you have to put your home on the market, or want to take advantage of low interest rates and buy your dream home, we will help you through these transitions and transactions in the safest ways we can.