The May market update from the Columbus Association of Realtors confirmed my previous estimates. The listing inventory is 28% lower than a year ago, but buyer interest has surged significantly since the economy started to re-open – and home values keep rising.
Median Sales Price Exceeds $230,000 – Highest Ever
The median sales price in Central Ohio has reached $233,000 – a new record.
Median means that 50% of listings sold for more than $233,000 and the other 50% sold for less. It is 5.9% higher than in May 2019.
As you can see in the next chart it has never been higher.
Why Do Home Sales Fall Despite of Higher Demand?
Many buyers missed the spring market due to the pandemic. They are still searching for a home. Live showing requests are 8.7% higher than a year ago.
These buyers are facing a serious dilemma. The inventory of active listings has dropped to only 3,210 at the end of May. There are just not enough homes for sale to satisfy the growing demand.
Often buyers have to compete against multiple offers and pay more than list price to secure a home. The lack of new listings is the main reason why May 2020 closings dropped 21.2% below May 2019.
There is good news on the horizon. Over the past 7 days pending contracts exceeded last year’s numbers by 7.6%. This may indicate a rise in sales during the month of June.
Special Offer: Your Home Value during COVID-19
Like many homeowners you are probably wondering how the Coronavirus pandemic impacted the value of your property.
That’s why I am offering a FREE 15-minute online consultation via Zoom to answer the three most-asked questions I am getting today:
- How much is my home worth in this market?
- How do you sell homes safely during Covid?
- How’s the mortgage market right now?
Click the button below to schedule your free 15-minute consultation at a time that’s convenient for you. There’s no obligation. This is a free service I am offering to keep you in the know.
During our appointment, I will also explain my “Safety-First Listing Launch and Home Sale Strategy” to keep you safe during the sale of your home and follow all government rules.Schedule Your FREE Zoom Call
May 2020 Housing Stats
Here are the highlights (numbers compared to the same month a year ago):
- Closed Transactions – 2,542 – DOWN by 21.2%
- Pending Contracts – 3,552 – DOWN by 10.1%
- Inventory for Sale – 3,210 – DOWN by 28.1%
- New Listings – 3,232 – DOWN by 26.5%
- Days on Market – 28 – SAME as last year
- Average Sales Price – $258,688 – UP by 2.0%
To download the full report, go to May 2020 Housing Data.
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.