Metro Columbus Home Inventory Sinks Lower

MetroColumbus_RealEstateA mild winter helped keep Metro Columbus home buyers active in the market, but home inventory remains stubbornly low. Home prices have pushed higher as a result, setting the stage for another busy year in the Metro Columbus real estate market! Here’s a look at the latest industry statistics for our area.

New listings arriving on the Columbus Regional Multiple Listing Service were down 3.6% during February 2017, compared to February 2016. Overall, the inventory of homes for sale in February 2017 was down 21.1% compared to the same month a year ago.

The diminished inventory of Metro Columbus homes for sale has reduced the volume of contract activity. Pending home sales during February 2017 were down 9% from February 2016. “Pending” sales are homes with an accepted purchase offer that have not yet closed.

With home demand exceeding supply, home prices have been on the rise. The average Metro Columbus home price increased 3.5% in February 2017 compared to a year ago, reaching $190,659.

Home buyers must always remember that statistics present a broad overview of market activity. They do not capture home sales that occur outside of the Columbus Regional Multiple Listing Service, such as homes sold directly by owners, (FSBO) and homes sold by builders. Nor do they reflect the unique market conditions of each neighborhood, which can vary street-by-street!

For this reason, Metro Columbus home buyers shouldn’t allow themselves to become too discouraged by the real estate news. With good planning, financial preparation and the representation of an Exclusive Buyer Broker, home buyers can succeed in any market! Start today by downloading our free e-book, “How to Buy a Home like a Pro!”

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

Previous post:

Next post: