August was another record-breaking month!
The central Ohio housing market saw record home sales in August 2020 as almost 3,400 homes and condominiums changed hands, up almost five percent from last year and the highest number of sales documented for this late summer month. The number of homes closed during the first three quarters of 2020 is now just 1.3 percent behind 2019 according to the Columbus REALTORS® Multiple Listing Service.
“Traditionally we experience a higher number of sales in August as buyers seek to move into a new home prior to the start of the school year,” said Andy Mills, 2020 Columbus REALTORS® President. “However, given that so many children are now attending school virtually, or in a hybrid situation, that opens up a broader time frame for families to pursue a move.”
Homes sold even more quickly than in months past during August. Homes under $350,000 sold in an average of 17 days. Homes sold between $350,000 and $500,000 took about 33 days to sell. Homes sold between $500,000 and $700,000 sold in an average of 52 days and homes over $700,000 took an average of 75 days to sell.
Although the number of residential homes and condominiums for sale during the month of August 2020 trailed the previous month by just 7.0 percent, the month was 47.0 percent less than the number for sale during August 2019. There were 3,600 homes newly listed for sale last month providing motivated buyers additional inventory to consider. As a result, there were almost 4,200 homes put into contract in August, a jump of 14.9 percent from 2019 and up slightly (0.8 percent) from July 2020. For the second consecutive month, the average sale price exceeded the last list price. The average sale price in August was $279,134, up 12.8 percent from last year and the median sale price of $243,000 rose 13.8 percent over August 2019.
“Real estate has been, and remains, the foundation of wealth building for the middle class and a critical link in the flow of goods, services, and income for millions of Americans,” added Mills. “Accounting for nearly 15 percent of the Ohio gross state product, real estate is clearly a major driver of the U.S. economy.”