Real Estate Review: Happy Holidays!

I hope everyone had a wonderful Christmas and holiday season! Jesse and I have had so much fun celebrating all over Columbus with many different people. It's an exciting time to cherish, enjoy, reflect and plan for a new year. I'm so grateful to everyone who has supported me in my real estate career as friends, mentors, clients, co-ops, vendors and more. We got to celebrate our first Christmas in our new home in Clintonville and are excited for many more. My buyers who purchased a home this year got their 2017 ornaments and I gave out my Pinterest inspired EOS holiday cards all over!

2017 was such a strong seller's market and with inventory still being low not much has changed this year. The buyers who were patient, strategic and kept trying have seen that pay off getting into homes towards the end of the year when the market calmed down some. Don't forget the buyer's agent commission is paid through the listing agent so in most scenarios there is no cost to you to have representation!

If you thought of selling in 2017 and weren't ready, I would highly encourage getting in touch so I can do a custom analysis of what your home should be worth in the 2018 market. Inventory is still low and buyers are waiting to see what will hit the market in the new year. Below are the statistics for October & November 2017. If you have questions about your specific area or neighborhood I can always run custom searches - pfjohnson@kw.com 614.638.5817

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Here are the national real estate statistics for October & November 2017:

In October, the national median home price decreased 1.8% to $253,500, but that is up 5.6% from October 2016. In November, projected homes sales rose to 5.5 million and national median home price dipped to $245,100 down 3.2% from October, but up 4.2% from November 2017. The national average for a 30 year fixed rate mortgage decreased to 3.83% in October but rose to 3.88% in November. For specific questions on how these statistics affect you, please get in touch with me - pfjohnson@kw.com | 614.638.5817

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There were 2760 homes and condos sold during the month of October, which is a 4.4 percent increase over the same month a year ago, although a decline of 2.4 percent from September. This is the highest number of sales on record for the month of October, according to the Columbus REALTORS® Multiple Listing Service.

Buyers are pouncing on any and all inventory available that is priced correctly,” said Mic Gordon. “The central Ohio housing market continues to be hotter and stronger than ever!”
— 2017 Columbus REALTORS® President Mic Gordon

Homes spent an average of 32 days on the market during the month of October, which is three days more than September and five days fewer than October 2016.

There were 2,914 central Ohio homes and condos listed during the month of October, a 2.4 percent increase over the same month a year ago, although down 4.4 percent from September.

This left inventory at 5,131, which is down 5.8 percent from the previous month and 14 percent from October 2016. This is the 81st consecutive month of year over year declines in inventory.

Even though there were more listings added to the market in October, inventory remains extremely low,” Gordon said. “The best time to put your home on the market is now, especially since buyers are more eager than ever for inventory.

The average sales price of home during the month of October in central Ohio was $215,296, which is 7.9 percent more than October 2016. The median sales price was $183,000, up 8.9 percent from a year ago. Year to date (January through October) the average sales price is the highest on record.

“With sales prices being what they are, I hope that potential sellers realize what a tremendous time it is to list their home and take advantage of this strong seller's market,” Gordon said.

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There were 2,377 homes and condos sold during the month of November in central Ohio, which is a 3.2 percent increase over the same month a year ago, although a decline of 13.9 percent from October. This is the highest number of sales on record for the month of November, according to the Columbus REALTORS® Multiple Listing Service.

Headed into the end of the year, we’re on track for a historic record number of closed sales,” said Mic Gordon. “Many buyers remain actively engaged in their home searches and its paying off for them!
— 2017 Columbus REALTORS® President Mic Gordon

Homes spent an average of 36 days on the market during the month of November, which is four days more than October, but six days fewer than November 2016.
 
The average sales price of a home during the month of November in central Ohio was $213,962, which is 7.6 percent more than the same month a year ago. The median sales price was $180,000, up 5.0 percent from a year ago.

Sales prices continue to be strong and steady here in central Ohio and are a solid indicator that now is as good of a time as ever to put your home on the market,” Gordon said.

There were 2,101 central Ohio homes and condos listed during the month of November, a 4.8 percent decline from November 2016 and 27.9 percent lower than the previous month. 
 
This left inventory at 4,588 at the end of November, down 15.0 percent from November 2016. This marks the 82nd consecutive month of year over year declines in inventory.

There were 2,827 homes and condos sold during the month of September, which is a 4.4 percent decrease from the same month a year ago. Year-to-date, central Ohio is still on track for a record year in home sales, according to the Columbus REALTORS® Multiple Listing Service.

It’s not unusual for this time of year that inventory is low,” Gordon said. “However, with the demand we have now, I hope that sellers take advantage of current market conditions and put their home on the market!
— 2017 Columbus REALTORS® President Mic Gordon.
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Congrats to my clients who bought and sold in October & November! Stay tuned for updates on the Clintonville Flip House or follow my Instagram story @columbesthomes 


Article shared and all information sourced via the Columbus Board of Realtors. To view the original and for more info see below: 

Current housing report – November 2017 All housing reports