I received the official homes sales data for November just before the holidays … there is simply no end to the hot housing market.
The total number of home sales closed since the start of 2021 already surpassed all sales recorded in 2020. We are certainly heading for a record year.
We saw a mini-spike (+12.2%) in new listings in November, but the inventory remained unchanged.
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New Listings Spike But Inventory Remains Flat
More homeowners keep listing their properties for sale. November saw a 12.2% uptick in New Listings, which was the highest number since 2007.
We are up by 11.3% for the year (January to November 2021).
New Listings are not evenly spread out over Central Ohio. We actually saw a drop in New Listings in some suburbs (the first value represents November 2021, the second is year-to-date):
- Dublin: -11.1% -11.0%
- Hilliard: -2.1% +1.0%
- Powell: -68.4% -2.6%
- New Albany: -42.9% -3.3%
- Entire MLS: +12.5% +11.3%
The listing spike did not put a dent in the inventory, as most new listings were immediately picked up by eager buyers. This left the inventory unchanged from a year ago.
Strong Buyer Activity Leads to More Pending Contracts
November and December are usually the slow season for home sales. This year seems to be different.
Not only did new listings increase substantially (see above), we also have buyers calling us every day looking for new homes.
They are not just looking – they are writing offers. Pending Contracts were 6.8% higher than in November 2020, and a full 20.2% higher than in 2019.
Trends to Watch in January and February
Based on customer calls I received in the past 30 days, I anticipate a lot of activity in January and February of 2022.
Buyers may have missed out last year and are eager to start house hunting early. They also try to get a loan before interest rates increase. The Fed already made it clear that they will raise rates 3x in 2022.
Don’t wait if you are planning on selling next year. I can still get you on my listing calendar for January or February.
Give me a call NOW at (614) 975-9650!
Housing Stats for November 2021
Here’s a summary of home sales data for November 2021 as reported by the Columbus Association of Realtors:
- Closed Transactions – 3,018 – UP by 8.7%
- Inventory – 2,619 – UP by 1.1%
- New Listings – 2,628 – UP by 12.2%
- Days on Market – 17 – DOWN by 15.0%
- Average Sales Price – $295,723 – UP by 9.8%
- Average Price / Sqft – $167.67 – UP by 12.8%
Go to Columbus Realtors to see the full report.
Are You Planning on Buying or Selling in 2022?
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