The July 2021 housing report shows how the Columbus real estate market is slowly normalizing.
Sales were only 2.7% higher than during the same month a year ago.
The Median Sales Price remained at $275,000 for the third month in a row. This represents a year-over-year increase of 12.2%.
There is still a lot of interest from buyers. The showing index is a little lower than last year and Pending Contracts were up by 4.7% in July.
New Listings Increase by Double Digits for Second Month
New Listings shot up by 21% for the second month in a row. July marks the largest number of new listings ever recorded on the MLS in a single month.
It appears that more homeowners are now motivated to get their house listed quickly, as they fear missing out on the booming sellers’ market.
Inventory Higher Than a Year Ago
For the first time since March 2019 the Inventory in July 2021 was higher (by 2.4%) than during the same month a year ago.
After 28 months of falling inventories, we finally see a turn around. This will bring some relief to buyers who cannot afford to pay tens of thousands over list price.
What Does This Mean For Buyers?
With more new listings the inventory will steadily increase.
As a buyer you will have more choices, less competition, and you may not have to pay over list price.
You will buy at the height of the market.
This is not a bad thing as you are taking advantage of super low interest rates. Home values will continue to rise, just at a slower pace than during the past 12 months.
What Does This Mean For Sellers?
You will not see a huge number of showings in the first few days. Don’t expect multiple offers above list price anymore.
You are still selling at the height of the market.
The value of your home has increased by more than 12% in less than a year.
Now’s the perfect time to take advantage of strong buyer demand before the housing market slows down in November and December.
Housing Stats for July 2021
Here’s a summary of home sales data for July 2021 as reported by the Columbus Association of Realtors:
- Closed Transactions – 3,630 – UP by 2.7%
- Inventory – 3,079 – UP by 4.2%
- New Listings – 4,614 – UP by 21.0%
- Days on Market – 11 – DOWN by 56.0%
- Average Sales Price – $313,737 – UP by 12.8%
- Average Price / Sqft – $172.04 – UP by 16.9%
How to Find the Latest and Most Current Housing Charts
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