Housing Market Update
Homes are selling fast and for record prices making it an advantageous time to list your home!
322 more homes and condos were listed last month compared to May which led to an increase in foot traffic from Central Ohio home buyers.
“Both buyers and sellers took a step back during the COVID-19 shutdown, but buyers have been more anxious to re-enter the market,” said Andy Mills, 2020 President of Columbus REALTORS®. “We believe that record low-interest rates and the threat of another wave of the virus this fall have added even greater incentive for buyers to make a move.”
In June, 3,151 homes were sold, up 24% from May. 3,554 homes were added to the market, and, 4,158 homes were put into contract, up 18.3% from last month.
Even with the increase in new listings, the increase in home sales and those put in contract left inventory at 2,948 which was 8.1% lower than the previous month and 38.4% lower than the same time last year.
The average sales price of homes sold last month was $272,020 which is 4.1% ahead of 2019, and unsold inventory is at a 1.1 months supply which means, if no more homes were listed, it would take just over 1 month to sell all the homes currently on the market, based on the current sales pace. This is the lowest in the history of central Ohio housing activity.
Even though most of the Ohio stay at home order restrictions have been lifted, real estate agents, lenders, inspectors, and title companies are still 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.