Housing Market Update
We are in the midst of Spring, and along with the increased temperatures, we finally have an increase in home inventory!
Both January and February saw inventory declines, but there was a 51% increase in homes added to the market in March. Last month, there were 1,000+ more homes added to the market in comparison to the previous two months.
However, even though 3,094 homes were added to the market in March, 3,289 homes went into contract, illustrating how much more demand is still outweighing supply.
This left the number of homes available for sale at the end of March at 1,639, down 51.9 percent from March of 2020, according to the Columbus REALTORS® Multiple Listing Service
“Inventory levels remain at record lows due to the significant increase in demand for homes in central Ohio that we’ve experienced for the last ten years,” said Michael Jones, 2021 Columbus REALTORS® President. “Meeting that demand is a process and will take time.”
“As every seller creates an opportunity, we’re hopeful that more homeowners will enter the market as things open up this spring and summer.”In February, the average home sale price was $272,723, a 13.1% increase from last year; and, the average days on market was only 25 days. Many homes are still selling for well over asking price.
The continued increase in home sale prices make it a great time to put your home on the market, and the increase in inventory is a good sign for buyers hoping to take advantage of the continued low interest rates.
Consistent appreciation of residential real estate in Central Ohio makes investing in a primary residence and in investment properties a valuable asset to any financial portfolio.
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, and widespread vaccinations are helping both buyers and sellers safely relocate.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.