March 2020 Went Well, but What’s Next?

Central Ohio home sales, contracts, new listings, inventory and prices all showed healthy increases in March compared to the previous month.

There were 2,431 central Ohio homes and condos sold during the month of March, which was up 11.8 percent over last year and an increase of 23 percent from February.

During the month of March, homes under $350,000 sold in an average of 32 days. Homes sold between $350,000 and $500,000 took about 64 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 65 days, and homes over $700,000 were on the market for an average of 138 days.

The median sale price of a central Ohio home was $210,000 during the first quarter, up 10.6 percent from a year ago. The average sale price was $241,032, up 8.9 percent.

Although contracts, new listings and inventory were down from one year ago, they were up 10.9 percent, 25.7 percent and 4.6 percent respectively from February according to the Columbus REALTORS® Multiple Listing Service.

Under the Stay at Home order, real estate services, appraisals and title services are exempt as they have been deemed essential in order help Ohioans find necessary housing, close pending residential and commercial transactions and continue to get rental properties leased.

In order to affect this, industry professionals are highly cognizant of the need for social distancing and proper hygiene to protect themselves, their clients and properties.

The shelter in place wasn’t ordered until March 22nd, so the April housing report will give us a clearer picture as to how coronavirus has really affected the Columbus real estate market.

An early look shows new listings down about 30% and homes under contract down 22% compared to the same time last year.