Home buyers are out in force in Metro Columbus! During May 2016, Columbus homes spent an average of 44 days on the market before going under contract. This is 10 days shorter than May 2015.
Meanwhile, the inventory of homes for sale is down by 25.3% from May 2015. Looking at it another way, our home inventory stands at 2.1 months of supply. This means that if no other homes came to market, the current pace of sales would clear all inventory in just over 2 months.
Please keep in mind that these figures are based on sales conducted through the Columbus Regional Multiple Listing Service. The statistics do not include homes for sale by owner, or homes for sale directly by home builders. Therefore, actual home inventory is always a bit higher than what you see reported in the media.
Low inventory has helped push home prices higher in Metro Columbus. As of May 2016, the average home sale price reached $211,974, representing a 6.3% increase from the same period last year.
One surprising trend in our market is an increase in foreclosure filings. RealtyTrac reports that Central Ohio foreclosure filings jumped by 22% during June. The Columbus Dispatch reports that lenders repossessed 801 Central Ohio homes during May alone.
However, the vast majority of these foreclosures are not the result of recent mortgage delinquencies. Instead, they represent long-delinquent mortgages that have exhausted all remedies, such as loan modifications and repayment plans.
It’s too soon to say what impact these foreclosures will have on the market; we are not looking at the distressed property volumes we saw during the Great Recession. It’s possible we may see a small bump in home inventory on a localized basis.
On a positive note, owner-occupant home buyers will have a fair chance at some of these foreclosures when they reach the market. This is due to Freddie Mac and Fannie Mae’s “First Look” program, which gives owner-occupant buyers priority over investors for a limited period.
The Metro Columbus real estate market is fast-moving and complex. When you are ready to buy a home, give yourself the advantage of dedicated buyer representation!
As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
