Central Ohio On Track for Record Year
Housing market activity for November and the first 11 months of 2020 has proven surprisingly strong in the wake of a pandemic that continues to plague the country. Central Ohio home sales, prices are at record highs and homes are selling in record time, whereas inventory is at a record low according to the Columbus REALTORS® Multiple Listing Service.
Home sales last month increased by 12.7 percent. Year-to-date sales are up 3.6 percent and poised to end 2020 as the highest sales year in central Ohio history. More than 2,900 homes were put in contract in November, suggesting yet another increase in sales for December.
Homes sold between $350,000 and $500,000 have accounted for 14 percent of the sales so far in 2020, up almost 28 percent from last year. Five percent of the homes sold during the first 11 months of 2020 sold for $500,000 to $700,000, an increase of 28.6 percent. And homes over $700,000, roughly two percent of the total homes sold this year, are showing an increase of almost 30 percent (146 homes). Listings less than $350,000, which make up almost 80 percent of the sales so far in 2020, are down 1.3 percent from last year.
“Homes over $350,000 are responsible for the increase in sales this year,” said Andy Mills, 2020 President of Columbus REALTORS®. “However, homes in the more affordable price ranges, which include options for most first-time home buyers, are down because we have simply don’t have the inventory to meet the demand.”
The average sales price of a home during the month of November was $269,391, up 15.3 percent from November of 2019. The median sales price last month was $235,000 which was an increase of 14.6 percent from one year ago. The number of homes for sale dropped again in November to 2,591 which is 45.3 percent lower than a year ago and 19.7 percent lower than the previous month. This left central Ohio with less than a one-month supply meaning that, if no more homes were added to the market, those homes listed would be sold in less than a month at the current sales pace.
“Traditionally, housing activity recedes slightly when kids go back to school and the holidays approach,” said Mills. “But virtual school and flexible work from home schedules fueled by record low-interest rates have proven just the opposite as demand for housing continues to escalate.”