Although down 4.1% from a year ago, the number of homes put in contract jumped 3.7% from September to October. This was the second-highest number of homes in contract in October in 12 years, according to the Columbus REALTORS Multiple Listing Service (MLS).
“A sale is listed as ‘in contract’ when the contract has been signed but the transaction has not closed,” said Sara Walsh, 2018 Columbus REALTORS® president. “In contracts are a critical metric we use to predict future sales as those homes are usually finalized within one or two months of signing.”
There were 2,742 homes and condos sold in October, which is 18 homes less than a year ago, but 149 more home sales than September. These homes took longer to sell in October as the days on market increased almost 14 percent.
“With the increase in inventory, recent data showed that 44.43% of home sellers reduced the price of their home to ensure a timely sale,” said Walsh. “Yet, sellers are still seeing healthy appreciation in the value of their home.”
The average sales price of a home in central Ohio in October was $225,519, which is up 4.7% from a year ago. The median sales price was $193,918, up 6% from October 2017. There were 3,059 homes and condos added to the market in October, which is 5% more than the previous year. This left inventory at 5,405 in October, which was up 5.3% from one year ago.
“With the uptick in inventory, central Ohio buyers now have more options to choose from when selecting a home,” Walsh said. “Even though kids are back in school and the temperature has dropped, potential sellers need to know that buyer demand remains strong.”
According to the latest Housing Market Confidence Index by the Ohio REALTORS®, 98% of central Ohio REALTORS® expect the housing market to be moderate to strong over the next six months.