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Real Estate Review: April 2017

Columbus is on the rise in many ways - technology, development, the housing market, population and more! We are officially the #14th largest city in the nation, trailing San Francisco by just 10,000 residents. In the rankings for Ohio's largest cities these Columbus communities dominated the top of the list:

 

#1 COLUMBUS, up 9.3 percent to 860,090.
#2 Hilliard grew by 6,470, or 22.8 percent, to 34,905.
#3 Grove City grew by 4,146, or 11.7 percent, to 39,721.
#4 Delaware grew by 3,890, or 11.2 percent, to 38,643.
#5 Dublin grew by 3,817, or 9.1 percent, to 45,568.

 

It's such an exciting time to be in Columbus, Ohio! My husband Jesse, who is a local business owner STORE 5a, and I are very involved in the community and love supporting other business owners and organizations. In April, we celebrated Rowe Boutique's 10 Year Anniversary in the Short North, attended Startup Storytellers at CMA, Impact Social for Stonewall at Venue 614, Buckeye Lifestyle's launch party for their latest issue featuring Shawn Cunix at The Toybarn and The Short North Gala!

Here are the national real estate statistics for April 2017:

The number of projected home sales dipped to 5.5 million, however the national median home price had an increase of .5% to $228,400, which is up 7.7% from April 2016. The national average for a 30 year fixed rate mortgage is up slightly to 4.23% still considered historically low and helping to incentivize buyers in this sellers' market! For specific questions on how these statistics affect you, please get in touch with me!

The median list price of new listings for central Ohio homes and condos during the month of April was $199,950, an 8.1 percent increase over April 2016 and a 1.0 percent increase from March. This is a new record high according to according to the Columbus REALTORS® Multiple Listing Service.

infographicApril.jpg

There were 3,543 central Ohio homes and condos added to the market in April, which is a 5.1 percent increase over March, although a 10 percent decline over the same month a year ago.

This left inventory at 4,338 which was almost three percent higher than the previous month, but is still just over 19 percent lower than a year ago and has fallen year-over-year for 75 straight months. Unsold inventory is at a 1.6-month supply at the current sales pace (unchanged from the last three months).

The 2,479 central Ohio homes and condos sold during the month of April slipped 2.1 percent from the previous month, and 10.9 percent from April 2016.

Last month marked the first dip in home sales in nine months,” Gordon said. “There’s little doubt that the number of home sales would have been higher had we had more inventory.
— 2017 Columbus REALTORS® President Mic Gordon

Homes spent an average of 40 days on the market in April, which is 6 days fewer than March and 12 days less than April 2016.

The averages sale price of a home in April was $215,246, an increase of 7.1 percent over the same month a year ago and 5.6 percent above March.

If you’ve considered putting your home on the market, now is the time to do so as the warmer temperatures and longer daylight hours stimulate even greater buyer activity,” added Gordon.

During the month of March, central Ohio homes and condos spent an average of 46 days on the market, which is 6 days fewer than February and 13 days less than March 2016.

When asked about reasons transaction haven’t closed in the past year, 53 percent cited inspection issues and 30 percent cited issues rising from appraisals.


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 – April 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: March 2017

The real estate market is insane right now and Columbus is NO exception! Don't just take my word for it, Columbus made the Forbes list of Where to Invest in Housing 2017 and was #5 on Realtor.com's list of Top 10 Cities Where Downtown Is Making a Comeback not to mention the statistics I've compiled for you below.

Low inventory is still the biggest issue in the market, if you have been thinking of selling there COULD NOT BE a better time. Not sure what your home is worth? I've got you covered, click here for a complimentary, no pressure, personalized estimate. If you are planning on buying, I'll be honest it can be tough right now. However, with the right planning and real estate agent in can be done and with low interest rates it's still a great time!

My client testimonial for this blog is extra personal and I'm very excited to share that my husband Jesse and I purchased our first home in Clintonville! The journey to buy our own home is actually how I met my wonderful mentor Bruce Dooley and became a REALTOR®. After helping so many other people find their homes, I was ecstatic to finally be the buyer. We put in many offers along the way and beat out 8 offers to get in this particular home, but it was SO worth it!

Here are the national real estate statistics for March 2017:

The number of projected home sales rose from 5.5 million to 5.7 million! The national median home price had a slight decrease of 1.9% to $228,900 which is great for buyers. Thinking of selling? The great news for you is that the median home price is up 7.1% from this same time last year, so if you've been waiting now is the time! The best news for everyone is that the national average for a 30 year fixed rate mortgage is down from 4.19% in February to 4.15% making it an excellent time to get a loan and keeping the market moving. For specific questions on how these statistics affect you, please get in touch with me!

There were 2,531 central Ohio homes and condos sold during the month of March, a solid 50.8 percent increase over February and a 3.9 percent increase over the same month a year ago. 

This was the highest number of home sales on record for the month of March as well as the highest sales for the 1st quarter according to the Columbus REALTORS® Multiple Listing Service.

infographicMarch.jpg

The average sale price of a home in March was $203,924, up 6.8 percent from one year ago and 7 percent from February. The median sales price was $170,000 a 4.3 increase over March 2016. 

The average sales price is the total volume divided by the number of homes sold. The median is the midpoint -- half the homes sell for less, while half sell for more.

The record home sales that we’re seeing is a direct reflection of the strong job growth here locally as well as low interest rates for mortgages. Home sales could have been even stronger, but inventory limited growth.
— 2017 Columbus REALTORS® President Mic Gordon

There were 3,372 central Ohio homes and condos added to the market in March, which is a 4.1 percent decrease from March 2016 and the lowest number of new listings recorded for the month of March, when inventory traditionally begins to climb. 

We keep thinking the inventory couldn’t get any lower – but it continues to decline,” Gordon said. “Even with the addition of new listings, inventory dropped to just over 4,200 at the end of March making it the 74th straight month of year over year decreases.

During the month of March, central Ohio homes and condos spent an average of 46 days on the market, which is 6 days fewer than February and 13 days less than March 2016.

“The tight supply of for-sale homes is helping to push prices upward,” said Gordon. “Homeowner should give serious consideration to selling under these advantageous conditions.”


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 – March 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: 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.
 

infographicfeb.jpg

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.
 

Columbest Year In Review - Happy Holidays!

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The Columbus market is finishing the 2016 year strong and "is proving to be one of the best years ever for the Central Ohio real estate market" said 2016 Columbus REALTORS® President John Royer. 

We continue to have record numbers of home sales each month and the demand for homes continues to be exceedingly strong.
— Columbus REALTORS®

There were 2,227 central Ohio homes and condos sold during the month of November, a 15.8% increase over the previous year, according to the Columbus REALTORS® Multiple Listing Service. Year to date (January through November), home sales are up to 29,196 which is 7.1% above the same period in 2015. 

As the cold weather and holiday frenzy sets in, inventory naturally decreases. 2016 was dominated by a seller's market due to low inventory and low interest rates for buyers. Even though interest rates are starting to come up they are still historically low making it a great time to purchase! For all of my sellers out there, 2017 will be a great time to list with all the buyers the new year will bring and the buyers that were unable to find their dream home last year and are still hunting. 

My husband Jesse and I want to thank all of our wonderful family, friends, customers, clients and vendor partners for their support. Jesse celebrated the opening of another location for his business STORE 5a at Easton Market. We are so blessed and looking forward to the New Year!

Real estate offers flexibility, financial freedom and the ability to work as hard as you want to achieve your goals! There are no limits to your success and many different ways you can work and run your business. If anyone has questions about the industry as a client or potential job please reach out so we can talk and I'll help in any way that I can. Keller Williams is a fantastic brokerage and I've been very happy with the support, training, technology and events that are available to me. In addition to residential I am pursuing my KW Commercial designation to be mentored and learn more to better serve all of my clients. I have also joined the Keller Williams Young Professionals and helped them officially launch their Columbus Chapter! 

2016 has been a great year full of learning, open houses, happy hours and helping buyers find their dream homes! Here are some fun highlights below. From my family to yours, we wish you a very Merry Christmas and a Happy New Year!

To keep up with the exciting things happening in 2017 follow @columbesthomes