It appears that the summer slump is over, and the market is buzzing again. The average sales price has increased by 6.6% year over year. It stands at $231,353.
Change is in the air though.
There are more new listings on the market and the number of pending contracts have decreased by more than 10%.
Personally, I have received more calls in the past few weeks from homeowners who want to list their property. And our agents noticed that fewer buyers are looking for homes.
August 2018 Columbus Housing Stats
Here are the exact numbers for August 2018 (compared to the same month a year ago):
- Closed Transactions – 3,249 – DOWN by 3.2%
- Pending Contracts – 3,469 – DOWN by 10.5%
- Inventory for Sale – 5,429 – DOWN by only 0.3%
- New Listings – 3,821 – UP by 1.6%
- Days on Market – 25 – DOWN by 10.7%
- Average Sales Price – $231,353 – UP by 6.6%
Housing Stats by Price Range
To help you determine how competitive the housing market is in your price range, I analyzed sales data for the 3 summer months (June, July, August) and created 3 charts.
The first one shows the number of homes sold in each price range. More than 2,000 homes sold between $150,000 and $200,000 during this summer. Only 37 sales were over $1 million.
The next chart shows days on market (DOM), i.e. how many days it took to get a contract on a listing that actually sold. Again, the $150,000 to $200,000 price range is the most competitive with only 17 DOMs.
This number jumps to over 60 days for homes priced above $500,000. It appears that homes in the $450,000 to $500,000 price range are harder to sell, possibly due to competition of new builds.
In the final graphic we compare the number of active listings (as of today) to the number of homes sold during the summer. For instance, 2,074 homes sold in the $150,000 to $200,000 price range between June and August 2018. There are currently 613 active listings in this price range (without pending contracts). The ratio 613/2,074 is 0.30.
The smaller this number the more competitive the market. It means there are fewer listings for more buyers.
You can clearly see that the higher price ranges are much less competitive. Buyers have a large collection of listings to choose from.
Call or text me at (614) 975-9650. I can help you whether you plan to buy or sell!
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.