The 2020 housing market broke all records. After a short interruption due to Covid related lockdowns, real estate staged a remarkable comeback in the second half of the year.
Despite of Covid, Realtors sold more homes in less time at higher prices than ever before.
In today’s Market Update, I will show you 5 charts that highlight how the real estate market performed in the last 12 months.
Closed Home Sales
The number of home sales increased by 4.1% to 33,431, beating the previous record from 2017. Sales were held back by record low inventories.
Inventory of Active Listings
When the economy was locked down in April and May the inventory plummeted and never recovered throughout the year.
Homeowners have been staying in their properties longer than they used to in the past, even before the pandemic. Only 36,023 new listings were added to the MLS in 2020, that’s 4.3% less than in 2019.
Discount from List Price
The next chart shows that sellers rarely accepted offers below list price. Average discounts were around 1%, while homes receiving multiple offers sold well above list price.
Average Sales Price
High buyer demand combined with low inventories pushed home values higher. The average sales price increased by 10.1% to $265,825.
Full Year Housing Stats for 2020
Here’s a summary of home sales data for all of 2020 as reported by the Columbus Association of Realtors:
- Closed Transactions – 33,431 – UP by 4.1%
- Year-End Inventory – 2,049 – DOWN by 47.3%
- New Listings – 36,023 – DOWN by 4.3%
- Days on Market – 27 – DOWN by 15.6%
- Average Sales Price – $265,825 – UP by 10.1%
- Average Price / Sqft – $144.54 – UP by 9.7%
To see data for individual cities, counties, or school districts, go to Columbus Realtors and click on an area for a full report.
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