Earlier this month, the Columbus area was ranked hottest housing market in March by Realtor.com based on home listing activity and days on the market. In March, there were one thousand more homes listed for sale compared to February. The jump from 2,200 to 3,200 new listings generated increased interest and foot traffic from buyers actively seeking to purchase a home in central Ohio.
As a result, more homes were sold or put in contract in March according to the Columbus REALTORS® Multiple Listing Service. Month’s supply remains at 1.4, meaning that if no more inventory were added to the market, it would take less than a month and a half to sell the current inventory based on the current sales pace.
“Even with the increase in new listings, we ended the month with roughly the same number of listings as we had in February,” said John Myers, 2019 Columbus REALTORS® president. “This means consumers bought as much as was added to the market.”
Although March 2019 homes sold or pending sale was down from one year ago, sales were up 24.7% from the previous month and homes that went into contract spiked 32% from February. The median sale price of a home in central Ohio sold during the first quarter was $189,900, up 6%from one year ago. The average sale price was $221,372, up 3.9% from the first quarter of 2018.
“Given our strong job growth, low-interest rates, and so many central Ohio buyers looking to buy a new home, we’re hoping to see new listings continue to increase as we head into the summer months,” added Myers.