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

Columbus Home Sales Wrapped 2023 on Strong Note

RealSupport — Thu, 25 Jan 2024 08:20:47 +0000

Columbus area home buyers persevered against higher interest rates, inflation and rising home prices during 2023. According to the year-end figures by Columbus REALTORS©, the median sales price of a Columbus area home was $295,000 during December 2023, marking a 7.3% price increase compared to the December 2022.

When measured over a 12-month period of sales activity, the 2023 median home price in the Columbus Metro was $302,000, representing a 4.1% increase in prices compared to the 12-month period of 2022.

Sales price gains were particularly strong in communities like Pickerington, which saw a December median sales price of $449,900. This is an eye-popping increase of 45% over December 2022. The nearby village of Obetz saw a 33.8% increase in year-over-year home sale prices, with a median price of $356,425 recorded in December.

There is a bit of good news for Columbus home buyers. While the median sales price increased in our area, the speed of home price increases slowed down during 2023. By December, homes were spending an average of 30 days on the market. This isn’t exactly a “slow” market, but it held more breathing room than the summer months, when homes spent about 17 days on market.

Inventory remains a challenge for home buyers, but there was some improvement. The current supply of homes for sale stands at 1.4 months, which is a 27% increase from where things stood a year ago. However, new listings in December 2023 were down about 1% from December last year. Overall home inventory remains well below normal.

Looking ahead, inflation pressures and mortgage interest rates are expected to soften during 2024. There is some hope that pent-up sellers will bring more properties to market this year. Meanwhile, a measurable decline in mortgage interest rates is likely to bring more buyers to the market, meaning that home prices will continue to push higher.

As a home buyer, you need to do all you can to level the playing field! Start with our free e-book, our free e-book, “How to Buy a Home like a Pro!” Download your copy from our website today, there is no cost and no obligation.

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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Columbus Home Sales Set Record High in August

RealSupport — Mon, 28 Sep 2020 11:41:03 +0000

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.

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Central Ohio Homes Sold Quickly Over Summer

RealSupport — Wed, 14 Sep 2016 07:55:31 +0000

Summer went by quickly in Central Ohio, and the real estate market moved fast as well! According to Columbus Business First, homes spent an average of 33 days on the market during July 2016. This is 10 days shorter than July 2015 – and the shortest time on record for Central Ohio home sales.

The speed of summer home sales put Metro Columbus among the top 10 housing markets in the nation during June and July.

At the same time, home price appreciation slowed. The average sales price for a Central Ohio home in July was $213,809, a slight decline from June. However, July 2016 home sale prices were 4.1% higher than July 2015.

Home inventory improved in July as well, increasing 8.3% from June. While this offered some relief for Central Ohio home buyers, overall home inventory remained 20% lower than July 2015.

Please keep in mind that the above statistics do not include home inventory or home sales outside of the Columbus Regional Multiple Listing Service, such as new construction for sale by builders, or homes for sale by owner. Central Ohio home buyers should always remember that Exclusive Buyer Agents and Brokers can show them any home on the market, while providing uncompromised buyer representation.

This is an important advantage to home buyers in all market conditions. It’s especially valuable when home inventories are lean and the market is “hot.” Overpaying for a home, or waiving essential contingencies that protect you, do not equate to success!

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 Homes Sold Quickly Over Summer appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Columbus Real Estate Market Activity Varies by Price

RealSupport — Wed, 03 Aug 2016 21:31:33 +0000

Metro Columbus real estate market conditions are varying widely, depending on the price range of the home. To give you some examples, we’re sharing highlights from a recent article in the Columbus Dispatch, along with our own insights!

Let’s begin by pointing out that all real estate is local. Each community, neighborhood and street can have unique market dynamics based on local supply and demand. This is why media headlines and broad statistics can be confusing, and often times misleading. You may use statistics as a general guideline, but turn to an Exclusive Buyer’s Broker for expert advice!

In fact, the “hot market” headlines have been frustrating to sellers of high-end homes, who are not enjoying the same buyer attention as sellers with homes priced under $300,000. Here’s a look at market activity in Central Ohio, and how it varies by price!

During the first six months of 2016, homes priced between $150,000 and $275,000 spent a median of 10 days on market before going under contract. “Median” means that half of the homes went under contract more quickly, and half of them took longer to sell.

Brisk market activity for homes priced under $300,000 has been the norm throughout much of Central Ohio, with areas such as Worthington, Westerville and Grandview Heights experiencing some of the fastest home sales.

Meanwhile, Central Ohio homes priced between $500,000 and $600,000 spent a median of 82 days on the market. Homes priced at $1 million or above spent a median of 100 days on market.

These time periods are not unreasonable when you consider the amount of home inventory in the upper price ranges. There is a six-month supply of homes priced from $500,000 to $750,000. This means that if no other homes came to market, it would take six months to sell all the homes in this price range, based on the current rate of sales.

When you look at the price bracket of $750,000 and above, home inventory stretches to over 12 months or more. Simply put, there aren’t as many qualified home buyers for properties priced at these levels, in comparison to the number of homes for sale.

This means that Columbus home buyers enjoy an advantageous position in the upper price ranges. However, buyers looking at homes priced at $300,000 or less, have fewer homes to choose from, and face more competition from other buyers.

Using the services of an Exclusive Buyer’s Broker is the best way to navigate the variety of market conditions we have in Central Ohio! Our Buyer-Clients enjoy an array of information and advice that is not offered by typical real estate brokerages.

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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