July was another excellent month for home sales and property values. It appears that last month’s slowdown was seasonal, and the market is heating up again. This month’s report will elaborate on the current status of the housing market.
Although home sales have been lagging by 1.4% since the beginning of the year, the median sales price has increased substantially by 8.3%. It stands now at $195,000.
July 2018 Columbus Housing Stats Report
Here are the exact numbers for July 2018 (compared to the same month a year ago):
- Closed Transactions – 3,208 – UP by 2.3%
- Pending Contracts – 3,718 – UP by 0.4%
- Inventory for Sale – 5,184 – DOWN by only 3.7%
- New Listings – 3,843 – UP by 0.4%
- Days on Market – 23 – DOWN by 17.9%
- Average Sales Price – $238,655 – UP by 5.2%
Closed home sales of July (red line) were slightly higher than last year’s (blue line). We are currently identical to 2015 which had a really strong July.
July 2017 on the other hand was a down month, mostly due to holidays and long weekends. I anticipate August 2018 will be stable, but below 2017.
National Housing Report
Nationwide home sales increased by 1.8% year over year. The median sales price was up by 4.4% at $250,575 (which is higher than Columbus’s $195,000).
Columbus is a much “hotter” than the rest of the country if you consider DOM’s. While Days on Market dropped nationwide to 42 days, in Columbus we are down to only 23.
Click here to read the full RE/MAX National Housing Report.
The map below shows the top cities with respect to…
- home sales increases (blue) – Columbus: + 2.3%
- price increases (green) – Columbus: + 6.0%
- shortest months of supply (red) – Columbus: 1.9 months
More Activity and More Opportunity
While most of the summer was pretty slow, I noticed a substantial uptick in business since the beginning of August.
I was invited to 6 listing presentations in just over a week. It shows that homeowners want to capitalize on increasing home values before the market slows down toward the end of the year.
Although the inventory is 300 listings lower and DOM’s (days on market) have shrunk to 23 (a 17.9% drop) from a year ago, I am optimistic that you will see more opportunity during the fall selling season.
Buyers will enjoy a slightly higher inventory, which means more choice and less competition on individual listings.
Sellers can take advantage of record high home values and possibly a short sales cycle, if their home is in excellent conditions.
Call or text me at (614) 975-9650! Let me help you get ready to buy or sell!