Buyer demand outpacing supply
(July 22, 2020 – Columbus Ohio) – During the month of June, there were 322 more homes and condominiums listed for sale compared to May. The jump from 3,232 to 3,554 new listings generated increased interest and foot traffic from buyers actively seeking to purchase a home in central Ohio.
“Both buyers and sellers took a step back during the COVID-19 shutdown, but buyers have been more anxious to re-enter the market,” said Andy Mills, 2020 President of Columbus REALTORS®. “We believe that record low-interest rates and the threat of another wave of the virus this fall have added even greater incentive for buyers to make a move."
June saw 4,158 homes put in contract, which was a significant increase of 17 percent from May and 7.4 percent from June of 2019.
The 3,151 central Ohio homes and condos sold during the month of June were almost 24 percent higher than the previous month, but down 2.3 percent from 2019 according to the Columbus REALTORS® Multiple Listing Service.
Even with the increase in new listings, the increase in home sales and those put in contract left inventory at 2,948 which was 8.1 percent lower than the previous month and 38.4 percent lower than the same time last year.
Unsold inventory is at a 1.1 months supply which means that, if no more inventory were added to the market, it would take just over one month to sell all listed homes based on the current sales pace. This is the lowest in the history of central Ohio housing activity.
Central Ohio homes sold for an average of $272,020 during the month of June which was 4.1 percent ahead of 2019. The median sales price was $241,000, up 5.7 percent from last year.
The median sale price of a home in central Ohio sold during the first half of 2020 was $222,000, up 5.8 percent from one year ago. The average sale price was $252,715, up 4.89 percent from the first six months of 2019.
During the month of June, homes under $350,000 sold in an average of 23 days. Homes sold between $350,000 and $500,000 took about 33 days to sell. Homes sold between $500,000 and $700,000 sold in an average of 56 days and homes over $700,000 took an average of 76 days to sell.
“With more people working from home this year, we’re seeing a slight shift in the types of homes buyers are seeking,” added Mills. “Some are looking for more home office workspace. Others are not as concerned about the commute as they continue to work from home.”
Current housing report – June 2020
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Columbus REALTORS® is comprised of over 8,100 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development, and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway, and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross counties.
To view residential properties for sale, visit Homesnap.com.
To view commercial properties for sale or lease, visit COCIE.org.