Fall is the time of the year when fewer homes are listed for sale. It is a time when sellers are more motivated to accept lower offers, which opens the door for buyers to find better deals and face less competition.
This chart proves my point …
The chart shows the ratio of sales price vs. original list price. 100% means that buyers are willing to pay list price.
In the past few years the sales to list price ratio has decreased from over 99% in June to 95% or less in December. On a $300,000 listing this would represent a $15,000 discount.
Trends We Noticed in August
- Starter Homes are Still Hot. In the past 30 days I had 2 listings under $200,000. Both sold for list price or above and received multiple offers. Starter homes are selling well if they are in great shape and display modern updates.
- Mid-Priced Suburban Homes became Harder to Sell. The typical suburban home over $350,000 has become much harder to sell than just a few months ago. Many buyers are bargain hunters and submit discount offers. As a seller you need to be patient and hold off for a good relocation buyer.
- Showings Decline Significantly. I noticed fewer showings on my listings. However, there was a substantial increase in open house traffic. Many buyers prefer to shop open houses by themselves instead to scheduling showings with their Realtor.
- New Listings Continue to Drop in the Suburbs. It appears that homeowners in popular suburbs are not interested in selling.
Here’s by how much new listings declined in August as compared to the same month last year:
- Powell (Corp): -18.5%
- Hilliard (Corp): -27.1%
- Dublin (Corp): -23.9%
- Worthington (Corp): -43.2%
August 2019 Housing Stats
Click this link to see detailed August 2019 Housing Data.
Here are the highlights (numbers compared to the same month a year ago):
- Closed Transactions – 3,230 – DOWN by 0.6%
- Pending Contracts – 3,639 – UP by 4.9%
- Inventory for Sale – 5,187 – DOWN by 4.5%
- New Listings -3,690 – DOWN by 3.4%
- Days on Market – 27 – UP by 7.0%
- Average Sales Price – $247,567 – UP by 7.0%
Call or text me TODAY at (614) 975-9650. Let me help you find a great deal on a move-up home!
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.