The housing market has experienced an incredible recovery after the lockdowns.
We broke numerous records in July, but a surprise development may signal the end to the summer boom.
Monthly Closings Set All-Time Record
A total of 3,536 home sales closed in July. That’s the highest number ever for a single month.
Sales shattered this record despite of an ever-shrinking inventory and a lack of new listings.
Average & Median Sales Prices Spike
The average sales price has increased by 10.4% year over year. The median sales price is up by a stunning 11.4%.
Most Buyers Pay More Than List Price
For the first time ever, sales prices exceeded list prices as many buyers pay more than asking price for their home.
If you are currently looking to buy a home, you know how hard it is to win against competing offers.
We see buyers pay 10% or more over list price to get their offers accepted. And, they bring the cash to cover a short appraisal.
Inventory at All-Time Lows
In a typical year the inventory would increase during the summer months and hit a peak in September.
Nothing is typical in 2020. High buyer demand has completely wiped out any new listings coming to the market.
Is the Boom Coming to an Abrupt End?
Up until last week buyer demand was 20% higher than in 2019 as you can see in the Showing Request chart below.
On Thursday, however, there was a totally unexpected 22% drop in showing requests. This happened nationwide, not just in Ohio.
Maybe buyers cut back on house hunting as school starts.
Maybe it was just a blip.
Or, the housing boom may be over.
We will keep track of this development for you. Find weekly updates at:
July 2020 Housing Stats
Here are the highlights (numbers compared to the same month a year ago):
- Closed Transactions – 3,536 – UP by 6.1%
- Pending Contracts – 4,147 – UP by 9.0%
- Inventory for Sale – 2,955 – DOWN by 41.0%
- New Listings – 3,812 – DOWN by 1.4%
- Days on Market – 25 – UP by 8.7%
- Average Sales Price – $278,044 – UP by 10.4%
Download the full report at July 2020 Housing Data.
If you have any thoughts of buying or selling this fall, click here to schedule your FREE Zoom Consultation. Call or Text me at (614) 975-9650.
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.