Inventory of Columbus Homes for Sale Reaches Record Low - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Inventory of Columbus Homes for Sale Reaches Record Low

Columbus homes real estate newsHome buying conditions in the Columbus area were extremely competitive during February as inventory diminished. According to data from Columbus REALTORS®, February’s inventory of homes for sale stood at about two weeks supply. In other words, if no new homes came to market, the pace of sales would have depleted all available homes within two weeks.

Of course, there are always new homes coming to market, but the imbalance of supply and demand has steadily worsened in recent years. February 2021 had just 1,689 homes for sale on the Columbus Regional MLS, which is 48.1% lower than February 2020. Looking back to February 2016, there were 5,400 homes for sale, which was considered low at the time.

Columbus home buyers should be prepared to handle a fast-moving market, particularly for homes priced below $500,000. Here’s the average days-on-market by price range for February:

  • Homes priced under $350,000 = 21 days on market
  • Home priced over $350,000 to $500,000 = 39 days in market
  • Homes priced over $500,000 to $700,000 = 57 days on market
  • Homes priced over $700,000 = 68 days on market

The average home price in February was $266,893, a 13.4% increase compared to a year ago.

There is some hope that pent-up sellers will enter the market as the pandemic recedes, and that new home construction will eventually help inventories. This may provide relief in certain price ranges of the market, but entry-level homes will remain hard to come by.

In the meantime, multiple offers and bidding wars are part of the home buying landscape. Even so, buyers shouldn’t lose their heads and throw all caution to the wind! A home purchase is a significant commitment. Be well-prepared and well-represented. When you become our Buyer-Client, you will have an expert, exclusive buyer’s brokerage dedicated to your success!

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
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
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

 

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