Record home sales in February
Central Ohio saw a record number of homes sales during the month of February. There were 1,976 homes and condominiums sold during the month of February, a 13.3 percent increase over the previous year and record high for the month, according to the Columbus REALTORS® Multiple Listing Service.
For the first two months of the year, home sales are up to 3,745 which is 11.5 percent above the same period in 2019 and another record high for the period.
“Overall, home sales took a leap over the previous month – from 1,745 to 1,976 sales, which in a normal market and economy would signal an early start of a busy spring. Now we are moving into unchartered territory putting all statistical data on hold,” said Andy Mills, 2020 President of Columbus REALTORS®.
The average sales price of a home in February was $235,371, up 6.7 percent over the same month a year ago. The median sales price was $210,000 which was a 10.7 percent increase over February 2019.
The average sales price is the total volume divided by the number of homes sold. The median is the midpoint -- half the homes sell for less, while half sell for more.
There were 3,256 homes for sale at the end of February, which was a 9.9 percent decline in inventory from February 2019 and 5.5 percent lower than January.
“Even though the number of central Ohio new listings grew to 2,455 which was 9.2 percent ahead of last year and just slightly higher than January, the number of active listings at month end was still lower than normal. This reflects the strong demand for residential properties in our area,” stated Mills.
During the month of February, homes under $350,000 sold in an average of 41 days. Homes sold between $350,000 and $500,000 took about 78 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 84 days, and homes over $700,000 were on the market for an average of 111 days.
Current housing report – February 2020
All housing reports
Columbus REALTORS® is comprised of over 8,400 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross counties.
Press Note: If you would like to interview a representative from Columbus REALTORS®, please contact the following:
• Andy Mills, 2020 President – Elford Realty, LLC (614) 582-5521
• Michael Jones, 2020 President-Elect – Coldwell Banker King Thompson (614) 206-5191
• John Geha, CEO – Columbus REALTORS® (614) 354-0197