Year to date home sales are only 4.4% lower than they were in 2019 which is a surprise considering economic challenges the pandemic has caused. Buyers continue to quickly purchase their ideal properties as homes are listed. Now that businesses are opening again, we hope to see an increase in listings available, and expect the market to continue to rise through the summer months. Read the full market report from Columbus REALTORS below.
(June 22, 2020 – Columbus Ohio) – Home sales, contracts, prices, and new listings all rose in May 2020 as compared to the previous month which was the first full month of shut down activity.
The 2,542 homes and condos sold during the month of May were up 11.6 percent from the previous month, but still down 21.2 percent from one year ago putting year to date home sales 4.4 percent behind 2019.
There were 3,232 homes and condos added to the market in May, up 18.6 percent from April, but still trailing 2019 by 26.5 percent. At the end of May, there were 3,210 homes for sale according to the Columbus REALTORS® Multiple Listing Service.
“Even with the added inventory, the number of homes and condominiums for sale in central Ohio remains low as buyers move quickly to purchase new inventory,” said Andy Mills, 2020 President of Columbus REALTORS®. “But now that we’re slowly re-opening, we expect to see more homeowners list their homes for sale and housing activity to rise throughout the summer.”
The median sales price of a home during the month of May in central Ohio was $233,000, which is 5.9 percent higher than one year ago. The average sales price was $258,688, up 2.0 percent from last year.
Homes put in contract rose to 3,552 from 3,002 in April, an increase of 18.3 percent.
“Contracts are a solid indication of home closings to come,” added Mills. “So, at this rate, we’re very optimistic about the 2020 housing market in central Ohio.”
During the month of May, homes under $350,000 sold in an average of 24 days. Homes sold between $350,000 and $500,000 took about 37 days to sell and homes over $500,000 sold in an average of 50 days.
Current housing report – May 2020
Columbus REALTORS® is comprised of over 8,100 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development, and more.