The November 2018 Housing Report came out just in time for the Holidays. Let me give you a short summary before you welcome Santa Claus and celebrate Christmas.
New Listings Rise while Pending Contracts Plummet
Listing activity has picked up in November. There were 5% more new listings during the month than last year. Home sales were virtually unchanged during the same time.
Pending contracts have decreased by 8.0%, a clear indication of the slowing market This may result in fewer sales in December and January.
The inventory increased by 8.2% to 4,964 homes for sale. This is good news for buyers. However, today’s inventory is only half of what it was in November 2012.
Average Sales Price Continues to Climb
The average sales price for November was $219,986 – 2.8% higher than a year ago.
On the chart below, you can see how the average price has increased from $165,444 in November 2012 to $219,986 in 2018. This means home values are up by 33%.
November 2018 Columbus Housing Stats
Here are the exact numbers for November 2018 (compared to the same month a year ago):
- Closed Transactions – 2,392 – UP by 0.6%
- Pending Contracts – 2,391 – DOWN by 8.0%
- Inventory for Sale – 4,964 – UP by 8.2%
- New Listings – 2,207 – UP by 5.0%
- Days on Market – 33 – UNCHANGED
- Average Sales Price – $219,896 – UP by 2.8%
January is the slowest month of the year when it comes to real estate sales. This is the perfect opportunity for buyers to locate motivated sellers and possibly get a lower offer accepted.
The Fed just raised interest rates for the 4th time this year. It will be more expensive to buy in 2019. So, hurry and get ahead of the majority of buyers who will start looking in spring.
It takes longer to sell listings, especially for higher priced homes. Some of these homes have been on the market for six months or more. They may expire at the end of the year. These sellers are often motivated to make a deal.
I can help you find these properties that have been listed for a long time.
Call or text me TODAY at (614) 975-9650, I will be available to meet between Christmas and New Year!
I wish you a Merry Christmas and a Peaceful Holiday Season!
Susanne Novak has been a Realtor since 2007. She is the broker and owner of RE/MAX 24/7 in the Dublin Historic District. Susanne typically helps 50-60 families each year with their real estate needs. She's your trusted advisor when you search for your dream home, and a skilled negotiator when she lists your property to get top dollar when you sell.