Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

May 28, 2020

April Market Update

OHIO RELIES ON THE REAL ESTATE INDUSTRY

(May 21, 2020 – Columbus Ohio) – Although inventory and sales were down slightly in April, home prices increased, and homes sold in near record times according to the Columbus REALTORS® Multiple Listing Service (MLS). 

During the month of April, homes under $350,000 sold in an average of 25 days. Homes sold between $350,000 and $500,000 took about 42 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 72 days, and homes over $700,000 were on the market for an average of 60 days.

“Homes sold even more quickly in April than in the past few months. Given the ‘shelter in place’ order and additional challenges this presented for the closing process, this came as a bit of a surprise,” said Andy Mills, 2020 President of Columbus REALTORS®. “It just goes to show you how dedicated our agents and local title and lending institutions are when it comes to servicing the needs of central Ohioans.”

The median price of a home sold in central Ohio this year is $213,000, up 8.1 percent from one year ago. The average sale price $243,414, up 6.6 percent from last year.

Although still ahead of last year for the first four months of the year, April home sales fell 15.1 percent. Inventory levels dropped 13.3 percent from one year ago.

“One home sale puts $55,500 back into the economy in Ohio,” said Mills. “So, we are counting on the real estate industry to help get Ohioans back on their feet as we start to slowly re-open.”

Current housing report – April 2020
All housing reports
 
Columbus REALTORS® is comprised of over 8,400 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.

Posted in Market Updates
May 28, 2020

Why This Summer Is the 2020 Real Estate Season

 

Why This Summer Is the 2020 Real Estate Season | MyKCM

With stay-at-home orders starting to gradually lift throughout parts of the country, data indicates homebuyers are jumping back into the market. After many families put their plans on hold due to the COVID-19 pandemic, what we once called the busy spring real estate season is shifting into the summer. In 2020, summer is the new spring for real estate.

Joel KanEconomist at The Mortgage Bankers Association (MBA) notes:

“Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks…Government purchase applications, which include FHA, VA, and USDA loans, are now 5 percent higher than a year ago, which is an encouraging turnaround after the weakness seen over the past two months.”

Additionally, according to Google Trends, which scores search terms online, searches for real estate increased from 68 points the week of March 15th to 92 points last week. As we can see, more potential homebuyers are looking for homes virtually.

What’s the Opportunity for Buyers?

Another reason buyers are coming back to the market, even with forced unemployment and stay-at-home orders, is historically low mortgage rates. Sam Khater, Chief Economist at Freddie Mac indicates:

“For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic…As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago.”

With mortgage rates at such low levels and states gradually beginning to reopen, there’s more incentive than ever to buy a home this summer.

What’s the Opportunity for Sellers?

Finding a home to buy, however, is still a challenge, as this spring sellers removed many listings from the market. Though more people are now putting their houses up for sale this month as compared to last month, current inventory is still well below last year’s level.

According to last week’s Weekly Economic and Housing Market Update from realtor.com:

“Weekly Housing Inventory showed continued tightening. New Listings declined 28% compared with a year ago, as sellers grappled with uncertainty and hesitated bringing homes to market. Total Listings dropped 20% YoY, a faster rate than in prior weeks, leaving very few homes available for sale. As Time on Market was 15 days slower YoY, asking prices moved up 1.5% YoY.”

If you’re thinking of selling your house this summer, now may be your best opportunity. With so few homes on the market for buyers to purchase, this season may be the time for your house to stand out from the crowd. Trusted real estate professionals can help you list safely and effectively, keeping your family’s needs top of mind. Buyers are looking, and your house may be at the top of their list.

Bottom Line

If you’re thinking of selling, many buyers may be eager to find a home just like yours. Let’s connect today to make sure you can get your house in on the action this summer.

Posted in Recent Posts