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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

Real Estate Review: Fall 2017

As fall comes to a close and temperatures drop, the market in Columbus is still warm! With low inventory and high demand, once an appealing home hits the market with the right agent, buyers are jumping!

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Buyers who are willing to get their hands a little dirty are winning right now. I have local lenders with great renovation loans for people who are credit rich but cash poor and have the fixer upper bug! I love seeing my client's homes after they close and what they've been able to do to update the space and make it their own. Stay tuned for a renovation feature coming soon!

On the sell side, if you have an updated home or are willing to do some work pre-listing - the move in ready homes are still flying off the market! My sellers in South Columbus did a wonderful job redoing their kitchen, updating the finished basement and decorating to make buyers drool. They enjoyed their beautiful home for a few years and when they decided to list a few weeks ago after working with me to find a great condo in the Short North, they had over 16 showings and 7 offers by midnight on the first day. Both homes should be closing next month, they'll sell first so they can use the funds to purchase their new home and we negotiated post closing possession so they only need to move once! Have questions about buying and selling at the same time?

Please reach out so we can chat 614.638.5817 pfjohnson@kw.com

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Here are the national real estate statistics for August & September 2017:

In August, the national median home price increased 4.5% to $263,800, but decreased 1.9% in September to $258,000 which still is up 6.2% from September 2016. The national average for a 30 year fixed rate mortgage rose .02% to 3.96% in August. However, it dropped to 3.86% in September which is an amazing incentive to buy in this seller's market! 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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Homes spent an average of 27 days on the market during the month of August, which is one day less than July and eight days fewer than August 2016. This is yet another record low for central Ohio, according to the Columbus REALTORS® Multiple Listing Service.

Homes have been selling in less than a month this summer” said Mic Gordon “This is the fastest they’ve ever sold as buyers are wasting no time seizing an opportunity to purchase a home.
— 2017 Columbus REALTORS® President Mic Gordon

There were 3,248 central Ohio homes and condos sold during the month of August, which is a 5.6 percent increase over July, but less than one percent higher than a year ago. However, the homes sold year to date (21, 623) is sitting at a record high for the first eight months of the year.

There were 3,740 central Ohio homes and condos listed during the month of August, a 10 percent increase from a year ago and the highest number of new listings for the month of August since 2008. Even with the added listings, this left inventory at 5,444, which is just slightly less than the previous month and 13.2 percent below August 2016.

Homeowners today know it’s a great time to sell a home and there’s still a shortage of inventory,” Gordon said. “We’re hoping the supply increases this fall to meet the pent-up demand.

The average sales price of home during the month of August in central Ohio was $217,800, which is 6.7 percent more than August of 2016. The median sales price was $185,000, up 6.9 percent from a year ago. Year to date (January through August), both the average sales price ($215,650) and median sales price ($182,000) are the highest on record.

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.

Although there was a slight decrease in sales this past month, overall demand for homes in central Ohio continues to soar,” said Mic Gordon. “Buyers are still hungry for inventory, making it a better time than ever to sell!
— 2017 Columbus REALTORS® President Mic Gordon.

Compared to a year ago, there was a slight uptick (2.5 percent) in the number of homes listed for sale in September. This left inventory at 5,448, which is just 4 homes more than August, but 11.1 percent down from September 2016. The average sales price for the month of September in central Ohio was $212,916, which is 4.3 percent higher than the same month last year. The median sales price was $180,000, up 5.3 percent from last year.

Given that September marked our 80th consecutive month of year over year inventory decreases, it’s a positive sign that inventory didn’t decrease last month,” Gordon said. “More central Ohio home owners have realized it’s an opportune time to put their home on the market.

Homes spent an average of 29 days on the market during the month of September, which is 6 days fewer than a year ago. According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 84 percent of central Ohio REALTORS® expect prices to rise over the next year, while 14 percent expect prices to level. When asked about whether they’ve seen an increase or decrease in multiple offers over the past year, 84 percent said they saw they saw an increase, 14 percent said it remained the same and 2 percent said they saw a decrease.
 

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Huge congratulations to Abigail Fredelake for The Scout Guide Columbus Volume 2!

I'm thrilled to be included among so many great businesses and people from our amazing city - browse it online or grab a copy at any of the participating locations http://thescoutguide.com/columbus/


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 – August Current housing report – September 2017 All housing reports

Real Estate Review: February 2017

Inventory is down is Columbus, but the amount of homes in contract went up 11.4% since January! Buyers are still motivated to secure a home in this seller's market and with the national average for a fixed rate mortgage still low they have extra incentive. I'm still securing homes for buyers with two closings scheduled next week in Clintonville and Merion Village. If you are thinking of selling PLEASE don't miss the opportunity to benefit from this market and give these wonderful buyers something to celebrate! Call, email or text me today for more info 614-638-5817 pfjohnson@kw.com For a free Comparative Market Analysis done by me personally click here to find out what your home is worth in this market!

I'm a numbers girl and I love a good spreadsheet (I know, nerd) so I like to keep my clients as informed as possible. Please see the market rundown below complete with KW video and custom infographics from yours truly :) 

Here are the national real estate statistics for February 2017:

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The number of projected home sales dipped to 5.5 million and the national median home price had a slight decrease of .09% in January to $232,000. However, the median home price is up 4% from this same time last year. Down isn't always bad as the national average for a 30 year fixed rate mortgage is down 4.3% last month to 4.19% in February!

There were 2,528 central Ohio homes and condos added to the market in February, which is a 16.5 percent increase over January, although a 3.6 percent dip from February 2016. This leaves inventory at 4,286, which is a whopping 21.1 percent decrease from the same month last year according to the Columbus REALTORS® Multiple Listing Service.
 

If you thought inventory couldn’t possibly get any lower, it definitely did,” Gordon said. “However, spring is just around the corner and there are bound to be more homes hitting the market as the temperatures begin to rise.”
— Mic Gordon, 2017 President of Columbus REALTORS®

There were 1,678 central Ohio homes and condos sold during the month of February, a 5.3 percent increase from January and a .5 percent rise over the same month a year ago.

Central Ohio saw 2,754 homes go into contract during the month of February, up 11.4 percent from the previous month although down 9 percent from February 2016.
 

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A pending sale or a sale “in contract” is when the buyer and seller agree on terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close and be recorded as such.  

The average sales price of a home in February was $190,659, up 3.4 percent from last year. The median sales price was $161,900 a 5.1 percent increase over February 2016.

The upside down or under water remnants of the Great Housing Recession are fewer and fewer with each passing month as values continue to climb and mortgage balances continue to be paid down over time,” Gordon said. “If you were in that position with your home and want to know if this market has changed your circumstance, call your REALTOR® and find out!
— Mic Gordon, 2017 President of Columbus REALTORS®

During the month of February, central Ohio homes and condos spent an average of 52 days on the market, this is eight days fewer than a year ago and just two days longer than January.

Seventy-five percent of central Ohio REALTORS® said they’re noticing a slight to substantial increase in the number of millennials expressing interest in purchasing a home, according to the latest Housing Market Confidence Index by the Ohio Association of REALTORS

When asked specifically about the low number of entry level homes available for sale, 33 percent said it’s a slight hindrance and over half (54 percent) said the low inventory is substantially hindering the millennials’ ability to purchase a home.

“Millennials are a large segment of the population and, if they don’t have an adequate selection of affordable housing to choose from, that’s definitely a problem we need to focus on solving,” Gordon said.


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 – February 2017
All housing reports

Columbus REALTORS® is comprised of over 7,600 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.

The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.

Real Estate Review: December 2016

Here are the national real estate statistics for December 2016:

Home sales ended the year up at 5.6 million! The average home price is down slightly - 1.3% from the previous month at $232,000, but up 6% from this same time last year. 

The national average interest rate for a 30 year fixed rate mortgage is up to 3.94% which is still considered historically low. 

The Columbus Market

Central Ohio housing market saw record highs and lows in 2016!

"Central Ohio ended 2016 with the highest number of home sales and the highest home prices on record. 2016 also saw the lowest months supply and days on market, due to the lowest inventory levels on record for the Columbus REALTORS® Multiple Listing Service. 

The 31,532 home sales recorded in 2016 rose 6.8 percent above 2015 and marked a 58.9 percent increase from our lowest point (2011) since the last housing boom in the mid 2000’s. Of those sales, 26, 832 were single family homes and 4,700 were condominiums." Information via Columbus Board of REALTORS®

"Throughout 2016, the number of homes on the market stayed an average of 21.8 percent lower than in 2015. 

Central Ohio experienced the lowest inventory on record in the month of December 2016 with only 4,653 homes and condos available for sale. This is a 13.8 percent decline from November and 26.1 percent drop from the previous year.

The months supply of inventory at the end of 2016 hit a record low at 1.7 meaning that, if no more homes were added to the market, it would take less than two months to sell all of the homes and condos currently for sale in central Ohio. (A balanced market is usually around 6.5 months supply.)

During 2016, central Ohio homes and condos spent an average of 43 days on the market – 12 days fewer than 2015 and another record low." Info via Columbus Board of REALTORS®

For a quick review of the market statistics check out my infographic below with data from the Columbus Board of REALTORS®:

With the highest sales and prices, yet the lowest inventory, 2016 was indeed a year of record highs and record lows for the Columbus region,” said Gordon. Many houses are selling almost as quickly as they come on the market, which further affirms how attractive and desirable homes are in central Ohio.
— Mic Gordon, 2017 President of Columbus REALTORS®

"There were 1,468 central Ohio homes and condos added to the market in December, which is a 2.5 percent decrease in inventory from one year ago and 33.3 percent lower than the previous month (November).

The average sales price of a home in December was $196,225, up 7.2 percent from last year. The median sales price was $163,000, a 5.2 percent increase over December 2015.

There were 2,252 central Ohio homes and condos sold in December, which is a 1.1 percent increase over the previous month and remains unchanged from December 2015.

According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 94 percent of central Ohio REALTORS® would describe the current housing market as moderate to strong and 92 percent expect home prices to rise over the next year.

When asked how the residential real estate market will perform in 2017, 45 percent said it will improve at a fast to moderate rate, 43 percent said it will continue at its current rate and 12 percent said it will slow at a fast to moderate rate." Info via Columbus REALTORS®

Soaring home prices are another reflection of how hot the central Ohio housing market is, which continues to be beneficial for anyone who might be looking to list their home for sale, With inventory at a record low, there couldn’t be a better time than the present to put your home on the market.
— Mic Gordon, 2017 President of Columbus REALTORS®.

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 – December 2016
Annual 2016 housing report
All housing reports


Columbus REALTORS® is comprised of over 7,700 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.

The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.