(Apr. 21, 2020 – Columbus Ohio) – Central Ohio home sales, contracts, new listings, inventory and prices all showed healthy increases in March compared to the previous month.
There were 2,431 central Ohio homes and condos sold during the month of March, which was up 11.8 percent over last year and an increase of 23 percent from February.
During the month of March, homes under $350,000 sold in an average of 32 days. Homes sold between $350,000 and $500,000 took about 64 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 65 days, and homes over $700,000 were on the market for an average of 138 days.
The median sale price of a central Ohio home was $210,000 during the first quarter, up 10.6 percent from a year ago. The average sale price was $241,032, up 8.9 percent.
Although contracts, new listings and inventory were down from one year ago, they were up 10.9 percent, 25.7 percent and 4.6 percent respectively from February according to the Columbus REALTORS® Multiple Listing Service.
“The real estate market was ramping up in March which is typical of spring housing activity," said 2020 Columbus REALTORS® President Andy Mills. “However, with the COVID-19 virus threat and the Governor’s Executive Order to stay home, both the residential and commercial real estate markets in central Ohio may look anything but typical.”
Under the Stay at Home order, real estate services, appraisals and title services are exempt as they have been deemed essential in order help Ohioans find necessary housing, close pending residential and commercial transactions and continue to get rental properties leased.
In order to affect this, industry professionals are highly cognizant of the need for social distancing and proper hygiene to protect themselves, their clients and properties.
“Because the shelter in place order wasn’t issued until March 22nd, the April housing reports will give us a clearer picture as to the impact COVID-19 has really had on our local real estate market,” said Mills.
“However, a preliminary look showed that new listings are down about 30 percent and homes put into contract are down 22 percent when compared to the same time period last year.”
Current housing report – March 2020
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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.