May 2018 Market Update: More Sellers List as Prices Skyrocket

by | Jun 25, 2018 | Market Updates

Have We Reached the Top of the Market?

I believe the May 2018 housing report indicates a shift in the market. Closed Sales are DOWN by 7.0% from a year ago. New Listings are UP by 8.2%.

Sales are down because there are not enough affordable homes listed for sale that buyers can afford. The loss of inventory has almost ended. More homeowners have decided to list now and take advantage of rising home values.

This graphic shows how many homes were listed for sale each month since 2013. With 4,394 new listings you can see a spike in May 2018. It’s the largest number of homes listed in a single month since 2013.

Substantially More New Listings in the Northwest

I also noticed that the number of new listing has dramatically increased in some school districts in Northwest Columbus:

  • Buckeye Valley School District: 60.0% more new listings
  • Jonathan Alder/Plain City School District: 46.2% more new listing
  • Dublin City School District: 44.8% more new listings
  • Hilliard City School District: 3.9% more new listings

Price Ranges of Active Listings

The number of new listings did not put a serious dent in the inventory. There’s still a serious shortage of affordable homes for first-time buyers.

The next chart shows active listings in Dublin, Hilliard and Powell as of June 22, 2018. In Dublin and Powell most homes are listed for more than half a million dollars.

Still the Best Time to Sell

Due to the tight inventory, the average sales price shattered the $230,000 mark. That’s why more homeowners sell now to get top dollar for their properties.

If you are ready to list call or text Susanne at (614) 975-9650! Now’s the perfect time. However, there’s more competition in the higher price ranges (above $400,000). So, don’t expect your house to sell in one day with ten competing offers.

May 2018 Housing Stats

​Here are the exact numbers for May 2018 (compared to the same month a year ago);

  • Closed Transactions – 3,056 – DOWN by 7.0%
  • Pending Contracts – 4,018 – DOWN by 1.3%
  • Inventory for Sale – 4,471 – DOWN by only 2.9%
  • New Listings – 4,394 – UP by 8.2%
  • Average Sales Price – $235,133 – UP by 3.8%
  • Days on Market – 27 – DOWN by 18.2%

Throughout June, we saw more new listings, more price reductions, and a seasonal slowdown of the market.

We anticipate the inventory will rise and home values will level out. It seems like we are at the top of the market. Now’s the best time to list your home if you want to get top dollar.

Call or text Susanne at (614) 975-9650! She can help you whether you plan to buy or sell!