The Columbus Ohio area had a record number of home sales in February. In fact, there was a 13.3% increase year over year and record high for the month.

“Overall, home sales took a leap over the previous month – from 1,745 to 1,976 sales, which in a normal market and economy would signal an early start of a busy spring. Now we are moving into unchartered territory putting all statistical data on hold,” said Andy Mills, 2020 President of Columbus REALTORS®.

February’s average home sales price was $237,371, which is a 6.7% increase year over year. The median sales price was $210,000, a 10.7% increase from the same time last year.

Inventory in February 2020 was down 5.5% from January and down 9.9% from last February.

“Even though the number of central Ohio new listings grew to 2,455 which was 9.2 percent ahead of last year and just slightly higher than January, the number of active listings at month end was still lower than normal. This reflects the strong demand for residential properties in our area,” stated Mills.

Lower-priced homes are still selling faster in Central Ohio.
Homes under $350k sold in an average of 41 days
Homes $350k-$500k sold in an average of 78 days
Homes $500k-$700k sold in an average of 84 days
Homes $700k and up sold in an average of 111 days

Columbus Realtor Local Market Update PDF – February 2020

It’s important to keep in mind that this report reflects February numbers. March will likely see a slow down in sales as people stay home due to COVID-19. If you need to buy or sell a Columbus home during this time, please contact us at 614-517-4916 to discuss how we are working to slow the spread while still helping clients through this difficult time.

New listings soared in January 2020 in Central Ohio to 2,407. That’s an increase of 10.4 percent from January 2019 and up 61.9 percent from December 2019.

“The infusion of new inventory helped feed the strong appetite for homes in Central Ohio,” said Andy Mills, 2020 President of Columbus REALTORS®. “Over two-thirds of the homes we had for sale last month were either put in contract or sold.”

During January, 2,704 homes were put in contract, a 15.8 percent increase from January 2019, and 32.9 percent higher than December 2019.

January’s home sales of 1,745 were almost nine percent higher compared to last year (1,602), marking a record high for January home sales.

Of these home sales, roughly one out of every seven was a condominium, which was similar to last year at this time.

Home prices continue to rise also. In January, the average sales price of a home in Central Ohio increased by 9.8 percent to $229,018.

Homes in lower price ranges continue to sell faster than the homes in higher price ranges. Homes priced under $350,000 sold in an average of 30 days. Meanwhile, it took about 63 days to sell homes priced between $350,000 and $500,000. Homes ranging from $500,000 to $700,000 sold in an average of 85 days, and it took an average of 95 days to sell homes over $700,000.

See the Local Market Update from the Columbus Board Of Realtors

Buy Or Sell With Confidence in Columbus Ohio

If you’re thinking about buying or selling a home in the Central Ohio area, you want professionals working for you. At the Smart Move Group, we have experienced Realtors and a team of professionals to help propel our clients to success. Call or text us at 614-517-4916 to start your home search or find out how much your current home could sell for.

The 2019 real estate market finished strong in Central Ohio. Our strong housing market reflects the strength of the nationwide economy and low unemployment, which fell to 50-year lows.

Strong employment, increasing wages, and low mortgage rates created new home buyers or brought buyers back into the market. This was the case for most of the U.S. including the Columbus area.

“With a strong economy and low mortgage rates, buyer activity has been strong,” said Andy Mills, Columbus REALTORS® 2020 President.” However, central Ohio has been constrained by inventory levels that are still below historical norms. With supply and demand continuing to favor sellers, prices have been rising steadily.”

Compared to the prior year, inventory in 2019 fell by 6.2%. Supply continues to decline, pushing prices even higher. In 2019, the median sale price increased 7.6% to $209,900. Home prices increased by 7.5% compared to 2018.

Homes In Contract increased 2.8%, and Closed sales increased by 1.8%. That makes 2019 the second strongest year for home sales.

We can see that the lower-priced homes are driving this strong seller’s market in Columbus.

Homes priced below $350,000 sold in an average of 27 days in 2019.
Homes priced from $350,000 and $500,000 sold in an average of 46 days. Homes priced from $500,000 to $700,000 sold in about 65 days.
The highest-priced home, those over $700,000, took an average of 89 days to sell.

Months of inventory also highlight how competitive the market is in the lower price points. Months of Inventory for homes under $350k was 1.2 in December 2019, while Months Of Inventory for home over $700k was 5.4 for December 2019.

A look at foreclosures shows the stark difference between this housing market and the market before the crash. Foreclosures have continued to decline and show no resemblance to the conditions during the housing bubble. The percentage of foreclosures or short sales in 2019 was only 2.5% of the market. That’s very low.

While new home construction is up, it is still far below what is needed to fully supply the market. Builders face a number of headwinds and have underbuilt for years. This means low inventory will likely continue Seller’s Market.

“Tight inventory continues to constrain buyer activity in some parts of the Columbus Region, while other areas, we are seeing increased seller inventory starting to improve buyers’ choices,” said Mills.

“As we look at 2020, we see continued low mortgage rates and a healthy economy giving a great start to housing in the new year.”

 

Look At Columbus Real Estate Go!

Home prices are on the rise and home values are expected to continue to move up! Check out these charts from Columbus REALTORS® that show the market from 1995 until 2019.

More Columbus Realtors® Reports:

• Local Market Update Dec 2019
• Annual Report On The Columbus Region Housing Market

Your Columbus Ohio REALTORS®

If you’re thinking about buying or selling a home in 2020, call or text Realtor Karen Smith at 614-517-4916 to get started. Karen and the Smart Move Group have years of experience in Columbus Real Estate. But, don’t take our word for it. Give our reviews a read and see what our clients are saying about buying and selling with help from the Smart Move Group.

Find Your Columbus Dream Home

Since March of 2018, Columbus, Ohio has been on the list of top 10 hottest real estate markets in the U.S. In March of 2019, Columbus was at the top of this list. Plus, Columbus recently made the list of top 10 markets expected to outperform in the next 3-4 years.

“Living in central Ohio has become highly attractive due to many things, not the least of which is job availability, diversity of housing options, affordability and exciting entertainment and dining options,” said John Myers, 2019 President of Columbus REALTORS®.

“Based on these factors and our healthy economy, a home is and will continue to be one of the best investments you can have.”

The median sale price of a home sold in central Ohio this year is up to $210,000 which is 7.7 percent higher than 2018. The average sale price is $241,810, up 6.0 percent from last year.

Homes sold in November were up 3.1 percent to 2,465 putting Columbus just slightly ahead of last year for the first 11 months of the year.

There were 2,163 homes listed for sale last month which is 2.0 percent lower than November of 2018 and a significant drop (34.2 percent) from the previous month.

This brought the total inventory of homes for sale last month to just over 4,700.

“Even in these winter months and business of the holidays, we have a diverse inventory base which offers consumers a good selection of homes in all price ranges,” added Myers.

Days on Market mismatch

We are in a long Seller’s Market trend, however, that is being fueled by homes in the lower price range. As you can see from the below chart from Columbus Realtors®, homes below $350k are selling much more quickly due to heavy demand.

This makes conditions ideal for move-up buyers: homeowners ready to move up from their first or second home.

Ready to sell? If you’re ready to sell your home, contact us at 614-517-4916 to get started.