In January, realtor.com named Columbus the TOUGHEST Housing Market to find a Home in the Midwest. That’s based on the fact that only 8.1 homes are listed for every 1,000 households. If you’ve been thinking about selling your home, this market update is for you.
West coast metros San Jose and San Francisco are at the top of the list. The easiest markets to find homes are in Florida.
The January 2020 housing stats published by the Columbus Association of Realtors confirm the struggle buyers face. Our inventory dropped to a 2-year low (blue line), while sales (red) and pending contracts (green) have increased substantially.
Why was the Market Booming in January?
There are 3 reasons why buyers rushed to make offers in January:
The Weather: There was hardly any snow and temperatures were relatively mild – perfect for house hunting.
Desperate Buyers: Buyers who lost out bidding for homes last spring decided to start their home search early. This year they got ahead of the spring buying rush, hoping to sign a contract before prices inflate in April and May.
Low Interest Rates: A significant drop in interest rates down to 3.5% has increased affordability for first time buyers.
What are the Best Opportunities in this Hot Market?
If you are considering moving up from a starter home this is the perfect market for you.
Your starter home will likely sell for top dollar very quickly. More than 50% of all buyers are looking in the $100,000 – $300,000 price range.
With low interest rates you can afford a much larger home. There’s less competition for listings above $450,000. You probably will not face a bidding war. On some listings you may even get a lower offer accepted.
That being said, let me help you plan and manage the selling and buying process for you, so you can move into your new home without renting an apartment between closings.
January 2020 Housing Market Update Stats
The booming housing market has carried over into 2020. Home sales increased by 8.9% over January 2019 and pending contracts are up by 15.8%.
Click this link to see detailed January 2020 Housing Data.
Here are the highlights (numbers compared to the same month a year ago):
- Closed Transactions – 1,745 – UP by 8.9%
- Pending Contracts – 2,704 – UP by 15.8%
- Inventory for Sale – 3,445 – DOWN by 9.8%
- New Listings – 2,407 – UP by 10.4%
- Days on Market – 41 – DOWN by 8.9%
- Average Sales Price – $229,018 – UP by 9.8%
Find out how you can profit from today’s hot sellers’ market! Call or text me TODAY at (614) 975-9650.
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.