September home sales are in. The slowdown of the market, which I predicted over the summer months, is now confirmed by real numbers.
Inventory Rises Just a Little
The biggest news is a slight increase of the listing inventory by 2.6% (as compared to September 2017). This breaks a 91 months streak where the number of homes listed for sale dropped continuously – sometimes by more than 20%.
I am glad that the inventory shows signs of increasing. However, there’s no reason to celebrate. It’s still at historic lows (see graphic below).
Why the Inventory Increased
Here is the bad news: the inventory increased only because the number of sales dropped by 11.4%. New listings were down, as well, by 1%. This means fewer sellers are listing their homes, and even fewer buyers are in the market for a home this fall.
And the culprit is … ever increasing home values. The average sales price stands at $232,228. This is 9.8% higher than a year ago in September.
The average sales price for September is also higher than August’s value. This is unusual as it tends to decrease during fall and winter.
September 2018 Columbus Housing Stats
Here are the exact numbers for September 2018 (compared to the same month a year ago):
- Closed Transactions – 2,593 – DOWN by 11.4%
- Pending Contracts – 2,945 – DOWN by 6.2%
- Inventory for Sale – 5,589 – UP by 2.6%
- New Listings – 3,039 – DOWN by 1.0%
- Days on Market – 29 – UNCHANGED
- Average Sales Price – $232,228 – UP by 9.8%
Based on the housing stats I recommend that you buy in fall and list in spring.
When you follow this rule, you will have less competition when you buy and more interest for your listing when you sell during the spring buying frenzy.
Don’t delay preparing your house for sale, though. The spring buying season starts in late January. To get ready before the market is hot, call me so we can discuss the best listing and moving strategy for you.
If you are thinking about selling or buying, call or text me TODAY at (614) 975-9650!
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.