Based on Columbus Realtors and the residential listing data, here are the most current market report for the first half of 2018.
Close to sales were up 2.3% for a total of 2590 closed properties in April alone. The average sales price is up 5% coming in at $225,000. The median sales price is up 5.6% at $190,000.
This is one of the most interesting statistics: the percent of original list price received is it 98.5%, up 1.2% over last year. This means that when someone lists their property the average is that they'll get 98.5% of their asking price. If this were at 100%, that means everyone who lists their home at a particular price sold it at that exact price. So 98.5% is pretty good, especially considering that last year at this time it was 97.3%. Days on the market has also gone down 19.5% at just 33 days on the market on average. Compare that to last year's 41 days on the market. New listings are up 3.6% in the inventory of home supplies are 1.4 months. A balanced market would be about six months, meaning that if no other listings hit the market as of today, it would only take 1.4 months to completely sell out of all listings on the market.
Our six-month average has home prices and median sales prices up since 2011, and continues to rise. Condo sales are the only number that is actually gone down a little bit. Condo sales year-to-date are down 4% and in April were down 2.5%. I feel that this is because there are not too many new construction projects currently available, however, new listings and new developments are on the docket at all times.
This is great news for buyers and sellers, even though the home prices continue to rise. Buyers are finding great deals, low-interest rates, and even refinancing is up. The supply is simply down so buyers have a little bit more of a competitive challenge ahead of them. This is why it is crucial to have your own agent representing you, negotiating for your terms and price, and getting you the house you want.
For sellers, prices continue to rise so it's a great time to sell. Get the most from your home with an accurate home valuation. Start here or simply contact my office to schedule your consultation.