Although inventory has been decreasing for the better part of 12 years, the central Ohio housing market saw year over year gains in the third quarter resulting in record home sales.
Third quarter saw 12,291 homes added to the market, which was almost 13 percent higher than 2020 (10,903). This is the highest number of new listings added in a quarter since 2006 when total inventory was over 18,600 and REALTORS® were selling 53 percent of the new listings.
Last quarter, home sales averaged over 3,600 as REALTORS® sold almost 90 percent of the new listings setting new records for home sales in central Ohio.
We’ve had relatively scarce inventory over the past few years. This created a competitive market, which caused angst for many home buyers. This increase in new listings is beneficial, as Columbus is now seeing significant increases in homes both going into contract and selling.
The average sale price increased 8.5 percent to $301,572 and the median price was $269,900 in September, a gain of 12.5 percent. Year to date, the average sale price was $298,817 and the median sale price was $260,000, up 13.5 percent and 13.0 percent respectively.
Conventional financing still reigns with almost 64 percent of the home sales in 2021.
The share of homes that sold for cash, versus financing, is just over 20 percent this year which is 1.5 percent more than in 2016, but still 7.3 percent fewer than homes sold a decade ago.
Many cite cash sales as a reason many home buyers have been at a disadvantage in winning their bids. Nonetheless, new data suggests that buyers seeking financing still dominate the majority of home sales – and that they can be quite competitive.
The time it took to sell a home rose to 14 days last month.
Homes under $350,000 sold in an average of 12 days. Homes sold between $350,000 and $500,000 took about 15 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 19 days, and homes over $700,000 were on the market for an average of 26 days.
For the first three quarters 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 13 days. Homes priced $350,000 -$500,000 took 17 days. Homes between $500,000 and $700,000 took 25 days to sell and homes over $700,000 sold in an average of 36 days.