Unusually high demand for homes in central Ohio and lack of sufficient inventory has resulted in homes selling for more than the asking price for the last couple years.
The number of homes that sold for less than the list price as well as those that sold for more than the list price started almost equally early in 2021. However, homes that sold for more than the asking price escalated quickly and peaked this summer.
Three out of every five homes sold in August sold for more than the home was listed for according to Columbus REALTORS®.
Inventory is rather tight, so many buyers are continuing to make offers over list price. In the last couple months, however, buyers seem to be putting a bit more consideration into their offers. Further, they’re considering appraisal value more often when determining their willingness to pay.
Even with the tempering of over list price offers, August recorded the highest number of home sales in central Ohio history. The 3,694 sales last month was 9.3 percent higher than one year ago. Year to date (January – August), home sales are 10.3 percent ahead of 2020.
Record high contracts documented in August suggested home sales in September will also be impressive.
The number of listings added to the market last month was almost 12 percent higher than August of 2020, but down almost 13 percent lower than July.
Fewer homes listing in the fall is typical, as the school year is starting. The housing market usually takes a bit of a breath during late Q3 and Q4.
Though even with record sales last month, there were still 24.4% more homes on the market this year compared to the same time last year. This, thankfully, provided buyers with more options.
The time it took to sell a home remained at 11 days last month.
Homes under $350,000 sold in an average of 9 days. Homes sold between $350,000 and $500,000 took about 10 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 17 days, and homes over $700,000 were on the market for an average of 28 days.
For the first eight months of 2021, homes have sold in an average of 16 days. Breaking this down by price range, homes under $350,000 sold in an average of 14 days. Homes priced $350,000 -$500,000 took 17 days. Homes between $500,000 and $700,000 took 26 days to sell and homes over $700,000 sold in an average of 38 days.
The average price of a home sold in August was $308,087, up 10.4 percent from August of 2020. The median sale price was up 13.2 percent to $275,000.