Central Ohio home sales Archives - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Central Ohio Home Sales Keep Momentum

RealSupport — Tue, 26 Sep 2023 23:56:51 +0000

Central Ohio home sales continue to post year-over-year price gains, according to the latest data from Columbus REALTORS®. The median home price of a Central Ohio home reached $316,995 in August, an increase of 7.5% from August 2022. On average, home sellers received 99.7% of their original list price.

This doesn’t leave much wiggle room for home buyers, who continue to face a competitive market. New listings are up slightly in some areas of the Columbus Metro, but they are not keeping pace with buyer demand. August home inventory stood at 1.5 months of supply, meaning that if no new listings came to market, current inventory would be bought up within a month and a half.

Meanwhile, the pace of home sales slowed marginally, with Central Ohio homes spending about 18 days on market before going under contract. During August 2022, it took 15 days for a home to go under contract.

Another sign of our robust market is the growth in median list prices. A new listing in Central Ohio has a median price of $312,250 as of August, an increase of 8.4% from the same month last year.

As we have mentioned in prior blog posts, there is no easy answer to Central Ohio’s persistent home inventory challenge. Many homeowners would face a jump in housing costs if they were to sell their current home and buy another at today’s rates and home prices.

With low-rate mortgage homeowners staying put, it’s up to new construction to help fill the gap – but this is a slow process, representing a fraction of Central Ohio home inventory. According to Redfin data reported in Columbus Business First, new construction homes represent about 12.4% of all Columbus listings in 2023.

Now the good news: there are always opportunities for well-prepared home buyers who have the representation of an Exclusive Buyer’s Broker! We can show you any home on the market, whether it is listed on the Columbus Regional MLS, or listed for sale by the homeowner (FSBO), or by the home builder. We also have buyer-centric purchase strategies and contract language to save you money and protect you, no matter which home you choose. Get our free e-book to learn more!

As Exclusive Buyer’s Brokers, 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!

Andrew Show
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

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Central Ohio Home Sales Wrap 2016 on Strong Note

RealSupport — Fri, 06 Jan 2017 03:10:57 +0000

Central Ohio home buyers were out in force during November. Here’s a look at the latest market data, as published in the Columbus Dispatch!

November 2016 home sales in the Metro Columbus area are up by 15.8%, compared to home sales volumes in November 2015. The year-over-year gain is enough to mark a record high for home sales in the month of November. Median home prices in Central Ohio also moved higher, rising 14.6% to $172,000.

As a whole, November home sales were robust throughout Ohio, rising by 12.3% on a year-over-year basis. Median home prices statewide increased by 9.5%.

Nationally, home values increased by 5.6% during the same period. A combination of mild November weather, historically-low interest rates, and sound economic conditions helped make the last quarter of 2016 one of the strongest real estate markets on record for Central Ohio and much of the country.

Industry analysts believe that 2017 will shape up to hold similar trends, despite rising home prices and an escalating interest rate environment. Household formation is at the highest level seen in several years. Job growth has accelerated and wages are posting gains. While home affordability is becoming a concern, analysts believe that home prices have room to run in the upcoming year.

Please remember that statistics are a broad overview of market conditions, and do not take homes sold by builders or homes for-sale-by-owner into account. Your best home buying guidance will always come from an Exclusive Buyer’s Broker who understands your local Columbus real estate market!

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.

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
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

The post Central Ohio Home Sales Wrap 2016 on Strong Note appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Robust Start for 2016 Central Ohio Home Sales

RealSupport — Fri, 26 Feb 2016 05:30:53 +0000

January 2016 Central Ohio home sales were the strongest of any January on record, according to Columbus Business First, using data reported from Columbus Realtors. With 1,519 homes and condo sold, year-over-year home sales were up by 8.9%.

Home prices increased as well, rising to an average sales price of $184,789, up 5.9% from a year ago.

Looking at the numbers another way, the median home price reached $153,000, a rise of 9.3% from last year. “Median” means that half of home sales were for more than $153,000, and half of home sales were for less.

While a good number of homes hit the market in January 2016, Central Ohio home inventory remained lower than the same period last year, shrinking by 2.5%.

Please keep in mind that these statistics do not include new construction sales conducted by home builders, or sale-by-owner transactions that occurred outside of the Multiple Listing Service.

Overall, Metro Columbus continues to see tight home supply, while home demand remains strong. If home sales were to continue on January’s pace, the existing home supply would be absorbed in about 2.2 months. This is the lowest home inventory index on record.

Another signal of home demand is the length of time homes spend on the market. In January, Central Ohio homes averaged 60 days on market, speeding up from 68 days a year ago.

Again, please keep in mind that Realtor statistics do not tell the complete story, since we have home inventory and home sales outside of the MLS system. Even so, 2016 is shaping up to be a very competitive year for Columbus home buyers.

Prepare yourself for home buying by becoming our Buyer-Client! We provide you with exclusive buyer representation at no additional cost to you. To see an example of how we make a difference, read this first-time buyer success story!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

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