The Columbus housing market had a record year in the number of sales, rising home values, and low inventories. And even the December sales shocked many of us in the real estate industry.
Real estate has been very good in 2019 with no end in sight.
Highlights from the 2019 Annual Report
The Columbus Association of Realtors published an 11-page report analyzing the 2019 housing market. Click here to download the full report.
The average sales price of existing homes has increased by 44.6% since 2012.
Closed Sales were slightly higher than last year.
Canal Winchester saw the largest increase with 19% more sales. Closings in Hilliard were DOWN by 12%.
The next graphic shows how sales below $160,000 have steadily decreased over the past 3 years. At the same time, we saw a sharp increase of transactions above $250,000.
Finally, lender mediated homes sales, i.e. foreclosures and REOs, are at an all-time low. They are merely 2.5% of all transactions.
That’s bad news for investors who desperately search for “good deals” to flip. It’s proof that the housing market is solid, and we are not heading into a mortgage crisis like in 2007.
Why the Columbus Housing Market will Continue to Boom
According to 3 economic forecasts I listened to since the beginning of the year the Columbus housing market will not slow down.
Job growth is fueling the economy. More people are moving to Central Ohio. The continued demand for new housing will keep prices rising and competition strong.
Most economists predict that interest rates will stay below 4% making owning a home more affordable than renting.
December 2019 Housing Stats
Home sales rose by 17.7% over December 2018 (which was a weak month). This is not unusual. We saw similar spikes in previous years.
Click this link to see detailed December 2019 Housing Data.
Here are the highlights (numbers compared to the same month a year ago):
- Closed Transactions – 2,415 – UP by 17.7%
- Pending Contracts – 2,034 – UP by 6.1%
- Inventory for Sale – 3,886 – DOWN by 6.2%
- New Listings – 1,487 – UP by 5.5%
- Days on Market – 37 – DOWN by 9.8%
- Average Sales Price – $235,535 – UP by 6.3%
To find out what your home would sell for in today’s market, call or text me TODAY at (614) 975-9650!