The total number of homes sold increased by only 2.3% in March. Not a big jump if you consider that we were locked down this time last year.
However, the average sales price was up by 11.5%, Days on Market plummeted by 41.5%, the average home sells for more than list price, and the inventory is 51.9% lower than a year ago.
Observations from the Street
Hundreds of Showings | Tens of Offers. That’s the new norm. A recent listing in Grove City attracted 110 showings in 4 days and received 29 offers, most above list price. The winning bid was all cash and $27,000 higher than list price. In Dublin, I see many sales for 10% or even 15% above list price.
Builders have a Waiting List. A newly planned M/I subdivision in the Olentangy School District already has 50 reservations. Construction won’t start before summer and your price may still increase. Inventory homes are practically non-existent.
No Cash – No Chance. Without cash in the bank, you have zero chance of buying an existing home. Sellers expect you to cover any appraisal shortages. And, if the house actually appraises for the higher contract price, some buyers offer extra cash to the sellers on top of it
How High Do You Have to Go Above List Price?
This chart shows the average ratio between sales price and original list price. 100% means that a home sold exactly for list price. In March, the average home sold for 101.2% of original list price.
Below are the numbers for a few popular school districts:
- Dublin School District: 100.3%
- Olentangy School District: 100.6%
- Marysville: 103.3%
- Hilliard School District: 103.6%
- Westerville School District: 105.1%
Housing Stats for March 2021
Here’s a summary of home sales data for March 2021 as reported by the Columbus Association of Realtors:
- Closed Transactions – 2,493 – UP by 2.6%
- Inventory – 1,639 – DOWN by 51.9%
- New Listings – 3,094 – UP by 0.3%
- Days on Market – 24 – DOWN by 41.5%
- Average Sales Price – $284,817 – UP by 11.5%
- Average Price / Sqft – $158.46 – UP by 14.5%
Go to Columbus Realtors to see the full report
If you have any thoughts of selling, Call or Text me NOW at (614) 975-9650!
This may be the best sellers’ market of your lifetime. Don’t miss it!
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.