Housing Market Update
After an abnormal market for the past few months, due to the COVID-19 shut down, there was quite a spike in home sales this August!
In July, 3,536 homes sold, which is 12.2% more than in June, and a 6.1% increase from the same time last year. 4,100 homes went into contract last month, a 9% increase from last July.
Furthermore, sales prices exceeded list prices for the first time in Central Ohio market history. Due to bidding wars, and low inventory, buyers often paid more than the home was listed for.
“For most buyers paying more than the list price goes against the grain as negotiation is traditionally a part of the home buying process,” said Andy Mills, 2020 Columbus REALTORS® President. “However, due to high demand and low supply, competition is stiff so buyers must decide how much the home is worth to them when deciding how much to offer.”
Although there was a bit of an increase in inventory from the previous couple of months, inventory remained 41% lower than last summer.
Homes continue to appreciate in value in Central Ohio. The average sales price in July was $278,044, a 10.4% increase from last year.
“Although the shortage of new homes built over the past decade has contributed to our housing shortage, our local builders have been very active this summer, providing a welcome influx of new home inventory,” added Mills.
“As every single-family home built produces 2.9 jobs and $130,000 in tax revenue, this will also be a boon for the Columbus region as we work to repair the economic damage caused by the virus-induced shutdown.”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 are thinking of listing your home, or want to take advantage of low interest rates and buy or build your dream home, we will help you through these transitions and transactions in the safest ways possible.