Home sales, contracts, prices, and new listings all rose in May 2020 as compared to the previous month which was the first full month of shut down activity.

The 2,542 homes and condos sold during the month of May were up 11.6 percent from the previous month, but still down 21.2 percent from one year ago putting year to date home sales 4.4 percent behind 2019.

There were 3,232 homes and condos added to the market in May, up 18.6 percent from April, but still trailing 2019 by 26.5 percent. At the end of May, there were 3,210 homes for sale according to the Columbus REALTORS® Multiple Listing Service.

With the added inventory, the number of homes and condos for sale in the central Ohio area currently remains low because buyers are moving quickly to purchase new inventory. Now that the state is beginning to re-open, we expect both the amount of homeowners listing their homes for sale and total housing activity to increase throughout the summer.

The median sales price of a home during the month of May in central Ohio was $233,000, which is 5.9 percent higher than one year ago. The average sales price was $258,688, up 2.0 percent from last year.

Homes put in contract rose to 3,552 from 3,002 in April, an increase of 18.3 percent.

Contracts are a good indicator of the amount of upcoming home closing. Accordingly, there is reason to be somewhat optimistic about the 2020 housing market in central Ohio. However, it will still be prudent to be cautious.

During the month of May, homes under $350,000 sold in an average of 24 days. Homes sold between $350,000 and $500,000 took about 37 days to sell and homes over $500,000 sold in an average of 50 days.