The July 2017 housing report did not show any revolutionary changes to the Columbus real estate market. The inventory remains at historic lows, although some commentators will point out that it increased over last month. This is purely seasonal, as the inventory is usually the highest during the month of July.
You probably heard that home values are at an all-time high. At $227,572 the average sales price is 7.3% above last year’s value. I don’t expect it to go any higher this year.
As a matter of fact, the average sales price has hovered at the $227K mark for 3 months (red line in the graphic below). It seems like it’s bouncing off a ceiling at $230,000. As you can see from the chart, it likely will decrease this fall as it did in previous years.
I am a little concerned about pending contracts. This number was substantially lower this July than in previous years. As pending contracts close in 30 to 45 days, they are a good indicator of how many transactions will close the following month.
Only 3,704 homes were in contract at the end of July. That’s 3% less than a year ago. It’s also 400 fewer pending sales than at the end of June.
This may be a sign that the Columbus housing market is normalizing.
July 2017 Columbus Housing Stats
Home Sales were 3.9% lower this July with 3,051 closed transactions.
Home Values have increased by 7.3% year over year with an average sales price of $227,572 (which is $1,500 higher than in June).
Days on Market were down to 28 in July. That’s 6 days shorter (-17.6%) than a year ago. The supply is exactly 2 months.
New Listings Only 3,800 homes were listed for sale in July – that’s 2.1% fewer homes than in July 2016.
The Inventory has increased a little bit to 5,498 homes listed for sale. That’s 14.1% lower than a year ago.
You can download the complete housing report and all local reports at www.columbusrealtors.com/stats
What Does This Mean for You?
It means you should list your house now. Home values have leveled off and won’t go higher this year. However, the inventory is still decreasing and the seller’s market will probably continue till the end of 2017.
Call or text me at (614) 975-9650 and let me explain how my 4-day marketing blitz will yield more offers and top dollar for your house!