Columbus home buyers faced a blistering market during August, as low mortgage rates fanned already-hot home demand to new sales highs. According to Columbus REALTORS®, the nearly 5% gain in sales volume on a year-over-year basis set a new record for August, with approximately 3,400 residential units sold.
Overall, the speed of August sales set the fastest pace for the entire summer. The only price range to slow down a notch was $700,000 and up, with these homes averaging 75 days on market. All other price ranges shortened their duration on the market.
- Homes priced under $350,000 = 17 days on market
- Home priced over $350,000 to $500,000 = 33 days in market
- Homes priced over $500,000 to $700,000 = 52 days on market
- Homes priced over $700,000: 75 days on market
Scant home inventory continues to pressure buyers and drive up prices. On a year-over-year basis, August 2020 home inventory was nearly half of what it was a year ago, coming in 47% less. On a month-to-month basis, August 2020 inventory was down 7% from July 2020.
Home prices continued their upward climb as a result. The average Central Ohio home sale price in August was $279,134, an increase of 12.8% from August 2019. In an unwelcome trend for buyers, average sales prices have exceeded the average list prices for two months in a row. Sellers are getting offers above their asking price in the most competitive markets.
Columbus home buyers should keep in mind that home prices might move faster than appraisal values. Making an above-price offer shouldn’t be done without considering the possibility of a low appraisal – and having an appropriate contingency in place for the situation. No matter how “hot” the market is, buyers always need certain contingencies to protect themselves! When you become our Buyer-Client, we will provide you with the best contractual protections while providing you with expert strategies for a successful offer.
As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax