I’ve been blessed with new listings every couple of weeks since the beginning of the year. I am truly grateful to the homeowners who trust me to manage the sale of their most valuable asset.
I am also working with many buyers, and I see every day how frustrating house hunting has become. Two weeks ago, more than 100 people stormed my open house in Delaware, despite of pouring rain. The home owner received 11 offers – most above list price.
March 2018 Housing Stats
Sales data show that values have been rising quickly while closed sales dropped substantially. There are just not enough homes available for an increasing number of buyers.
Here are the numbers for March 2018 (compared to the same month a year ago);
- Closed Transactions – 2,381 – DOWN by 8.6%
- Pending Contracts – 3,421 – DOWN by 6.1%
- Inventory for Sale – 3,485 – DOWN by 17.3%
- New Listings – 3,391 – SAME as March 2017
- Average Sales Price – $219,939 – UP by 8.8%
- Days on Market – 39 – DOWN by 13.3%
The forces of a free market at work. Over the past 7 years the number of new listings has not changed. Every year the same number of home owners sell, however, there are more buyers looking for homes.
These buyers have purchased most of the available inventory. New construction has not kept up with the increasing demand. With more buyers competing for the same number of homes, prices have increased sharply, and homes sell faster than ever.
Most Competitive Price Ranges Based on DOM
To see which price ranges are most competitive, I created 2 charts. They show the Days on Market (DOM) split into $25K segments for sales during the first quarter of 2018.
The first graphic shows data for the entire MLS (all of Central Ohio).
Homes between $150,000 and $225,000 sell in less than 30 days. That’s the most competitive price range. It’s also the price point most first-time buyers can afford.
You will find a much better selection and less competition over $350,000. A real break occurs at $450,000 where DOM’s jump to 94 (over 3 months). In this price range you also have the option to build a new home.
The next chart shows Days on Market in the Dublin and Powell zip codes (43016, 43017, 43065).
There were no sales below $75,000 in Dublin and Powell. The most competitive price ranges in these 2 suburbs are between $175,000 and $250,000 with Days on Market as low as 10 days.
While $325K to $375K seem to be less competitive (more than 2 months to sell), there’s more demand for homes priced between $375,000 and $425,000 (with DOM’s as low as 48).
Homes priced over $450,000 take much longer to sell. That’s due to new construction which heavily competes with existing sales in this price range.
Over $450K we clearly have a buyer’s market.
Call or text Susanne at (614) 975-9650 and let me help you with a customized marketing strategy for selling your home.
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.