Columbus Real Estate NewsColumbus home sales moved at a rapid pace during May 2017, according to statistics published by Columbus Business First and the Columbus Dispatch. Metro Columbus homes spent an average of 33 days on market, which is a new record low. The inventory of homes for sale during May was 18% lower than a year ago, despite more properties coming to market.

Home inventory stands at a 1.7 month supply at the current rate of sales. What this means, is that if no new listings came to market, all available homes would be sold in less than 60 days. In a balanced real estate market, home supply would stand at 6 months.

Please keep in mind that these statistics do not include homes For-Sale-By-Owner, or other home sales conducted outside of the Columbus Regional Multiple Listing Service.

With home demand outpacing supply, sales prices are moving higher. The average sales price of a Columbus home reached $227,783 during May 2017, an 8% increase from a year ago.

Meanwhile, distressed home inventory, representing short sales and foreclosures, has also fallen. During the first quarter of 2017, about 7% of Central Ohio home inventory was distressed, down from 10.9% a year ago. This is good news for homeowners, as fewer distressed homes mean higher property values. But for home buyers, it means fewer bargains on the market.

However, there are some localized pockets of distressed properties and lower prices. According to the Columbus Dispatch, about 18% of Whitehall home sales during the first quarter of 2017 were distressed properties. Some of these homes might escape buyer attention because they’re priced lower than the search parameters buyers enter online. Yes, these types of homes will need some work, but one should consider the opportunities.

The key to success in this highly-competitive and fast-moving market is to have an Exclusive Buyer Broker on your side! Because we only represent home buyers, and never sellers, we can show you any home on the market – FSBO, new construction, and homes on the Columbus Regional MLS. We present you with the most choice and the best advice, all without bias!

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.

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!

Andrew Show
Buyer’s Resource Realty Services
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