Columbus OH Real Estate Market Update November 2018

The Holiday Season is upon us! As we continue to move into winter, expect the Columbus OH real estate market to also cool.

Prices are trending down slightly, and homes are staying on market a little longer on average. Keep reading to read the full report.

The number of Homes For Sale in October 2018 was 4216 units.
• Down 1.8% compared to Sept 2018
• Up 6.5% compared to Oct 2017

The number of Homes Listed in October 2018 was 2748 units.
• Down 0.8% compared to Sept 2018
• Up 1.2% compared to Oct 2017

The number of Homes Sold in October 2018 was 2478 units.
• Up 3% compared to Sept 2018
• Down 5.5% compared to Oct 2017

The number of Homes Placed Under Contract in October 2018 was 2906 units.
• Up 20.9% compared to Sept 2018
• Up 15.9% compared to Oct 2017

The Average Price per Square Foot on Sold homes moved down in October to $120.

• Down 3.2% compared to Sept 2018
• Up 3.4% compared to Oct 2017

The average Days On Market trend in Columbus is Rising*

The Average Days on Market in October 2018 moved up to 30 days.
• Up 15.4% compared to Sept 2018
• Up 3.4% compared to Oct 2017

The Sold/Original List Price Ratio remained at 96% in October 2018.

*Based on 6 month trend – Rising/Falling/Remains Steady

The Median Sold Price trend is depreciating* for October 2018 at $204k.
• 0% compared to Sept 2018
• Up 7.4% compared to Oct 2017

The Average For Sale Price was also depreciating* at $358k.
• Down 1.9% compared to Sept 2018
• Up 3.5% compared to Oct 2017

The Average Sold Price trend was depreciating* at $236k.
• Down 2.9% compared to Sept 2018
• Up 5.4% compared to Oct 2017

*Based on 6 month trend – Appreciating/Depreciating/Neutral

It’s still a Seller’s Market* in Columbus!

The Months of Inventory based on Closed Sales in October 2018 was 1.7.
• Down 5.6% compared to Sept 2018
• Up 13.2% compared to Oct 2017

*Seller’s market: less than 3 months of inventory based on closed sales

The Absorption Rate based on Closed Sales in October 2018 was 58.8%.
• Up 5% compared to Sept 2018
• Down 11.2% compared to Oct 2017

*Seller’s market: 33.33% and above based on closed sales

Use this table to quickly see how the Columbus, Ohio area real estate market is doing.

If you want to sell your home, it is still a Seller’s Market overall, so it’s a good time list it. During the holidays, however, home sellers have to use the right pricing and marketing strategy for the season. Also, keep in mind that the Seller’s Market mostly applies to homes under about $400k. In the higher price points, many home sellers are experiencing a Buyer’s Market.

Lower priced homes remain in high demand despite the holiday slow-down. So if you’re okay with selling during the Holidays, conditions are perfect for move-up buyers (homeowners who want to sell their starter home and move into a larger home).

Many people will understandably want to wait until the holidays are over to sell their home. If that’s your situation, now is the time to start preparing. In the past, this Seller’s Market has started to get busy earlier, because buyers left over from last spring didn’t find a home. If you’re selling and want to take advantage of the first surge of buyers that flood the market, aim to have your home listed in February or March.

Call or text Realtor Rita Boswell at 614-830-9767 to learn more about timing your home sale. If you decide to sell during November or December, you need to work with an experienced agent who will do everything possible to get your home maximum exposure.

Winter is an ideal time buy a home. Plus, it is likely that interest rates will continue to rise. Take advantage of seasonally lower prices and interest rates that are still relatively low.

As detailed above, this market is perfect if you’re moving up. There are lots of buyers looking for starter homes, but higher priced homes have less competition and are seeing increased price reductions.

Contact us at the Rita Boswell Group to find your next home.

“At the Rita Boswell Group, our goal is to provide home buyers and sellers with the most recent, in-depth market report possible.

Our report is based on data supplied by the Columbus Board of Realtors or its MLS. Information is deemed reliable but not guaranteed. Specific data points provided above may be adjusted, which will be reflected in future reports.

Our Central Ohio real estate market reports cover the counties of Franklin, Delaware, Fairfield, Licking, Madison, Pickaway, and Union. For market information on a specific community, contact Realtor Rita Boswell at 614-830-9767.”