Real estate listings in Columbus jumped 20% in July, but sales lagged
COLUMBUS, Ohio (WCMH) – For the fourth consecutive month, new listings in Columbus have increased by more than 20%, according to a report from Columbus Realtors.
But the number of home sales was about 1,000 homes lower than the number of new homes on the market, for the first time in months.
“We may see a change in the pace of real estate activity as fall approaches,” said Michael Jones, 2021 president of Columbus REALTORS on their website. “The welcome increase in inventory gives buyers more choices, as well as a little more flexibility in considering their options.”
Last month, 4,612 homes were added to the central Ohio market, an increase of 21.0% from last year. However, at 3,630, the number of home sales rose only 2.7%, a marked change from double-digit increases seen in eight of the past 10 months, according to the report.
The average price of a home sold in July was $ 313,737, up 12.8% from July 2020. The median selling price rose 12.2% to $ 275,000, and homes were are sold in about 11 days.
Homes under $ 350,000 sold in an average of 9 days. Homes sold between $ 350,000 and $ 500,000 took about 12 days to sell. Homes in the $ 500,000 to $ 700,000 price range sold in 15 days on average, and homes over $ 700,000 were on the market for 18 days on average, according to the report.