Although inventory levels are down and sale prices are up, there appears to be no shortage of buyers. February home sales came in at 1,744 which was 3.7 higher than a year ago and 8.9% more homes sold than in January 2019. The number of homes in contract trailed February 2018 by almost 3%; however, pending sales were up almost 6% from January, according to the Columbus REALTORS® Multiple Listing Service.
Home sales was not the only good news in February. After peaking late last year at just over 5%, home mortgage rates have come down a half percent (or more), giving buyers the option of more home for their money.
“As mortgage interest rates have come down, more buyers have re-entered the market and competition remains fierce,” said John Myers, 2019 Columbus REALTORS® president. “REALTORS® report that if a house comes on the market that is in good condition and is realistically priced, it is likely to sell quickly.”
There were 2,249 central Ohio homes and condos added to the market in February 2019, which was up 3.1% from January, but down 5.2% from a year ago. The added inventory brought the total number of homes and condos for sale to 3,613 at the end of February, down 5.4% from the previous month. Although there were more homes on the market last month versus one year ago, the steady decline of inventory over the last several years means the central Ohio market is still not hosting the number of homes for sale seen historically. The median sale price of a home in central Ohio sold last month was $189,700, up 7.2% from one year ago. The average sale price was $220,694, up 4.7% from February of 2018.
“As the end of winter is on the horizon, we’re going to see more houses listed for sale,” added Myers. “Sellers can take full advantage of the low inventory and higher prices by listing their home now.”