Housing Market Update
With low interest rates and inventory, bidding wars and quick sales are keeping real estate sales prices at record highs!
Although still ahead of last year for the first four months of the year, April home sales fell 15.1%, and inventory levels dropped 13.3%. With less homes on the market, but still many buyers wanting to take advantage of the low interest rates, a number of homes are selling over list price.
The average sales price of homes sold this year in Central Ohio is $243,414, a 6.6% increase from last year.Although inventory and sales were down slightly in April, home prices increased, and homes sold in near record times according to the Columbus REALTORS® Multiple Listing Service (MLS).
Homes are also still selling very quickly, especially on homes priced below $350,000, which sold in an average of 25 days in April.
“Homes sold even more quickly in April than in the past few months. Given the ‘shelter in place’ order and additional challenges this presented for the closing process, this came as a bit of a surprise,” said Andy Mills, 2020 President of Columbus REALTORS®. “It just goes to show you how dedicated our agents and local title and lending institutions are when it comes to servicing the needs of central Ohioans.”In Ohio, the majority of businesses will be back open in some capacity by the end of May, and those planning a move, especially with school age children, still want to finalize their transitions before the end of summer. So, inventory and sales should increase over the next couple of weeks.
Even though many aspects of the Ohio stay at home order are being lifted, real estate agents, lenders, inspectors, and title companies are taking every precaution to maintain safe and sanitary conditions for listing, showing, and closing homes in Central Ohio.
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 possible.