I can't believe summer is already over and school is back in session! June and July were my busiest months yet for my real estate business and I'm so happy for the clients who I helped buy and sell in this market!
I was able to get my buyers in contract by being very strategic in our approach to the process, preparing them as much as possible, communicating effectively with the other side and negotiating hard! Price isn't everything! Some deals were won with creative possession clauses, flexible closing timelines, lender reassurances and more.
I met with a family friend a year ago who wanted to find the perfect condo, but she needed to sell her house and the whole process overwhelmed her. We decided she should buy first and took our time looking the for the right home in a very specific neighborhood, sent letters, walked, called and eventually a lead came from a neighbor and she was able to purchase off the market without competition! Then we needed to sell her home, but as a night shift nurse who needs to rest during the day, the idea of showings and open houses was not appealing. I had been watching the comps for her house for a year and they had only gone up! At our listing meeting to go over them, I took snap chats and posted coming soon information on my social media. A friend of mine who is a KW agent reached out, came over with her buyer and it ended up being a perfect fit! They wrote an offer on the spot and we closed 30 days later, no hassle for my seller and now she's happily transitioned into her beautiful redone condo!
Here are the national real estate statistics for June & July 2017:
In June, the national median home price increased 3.5% to $244,800 and increased 3.2% in July to $252,800 which is up 5.8% from July 2016. The national average for a 30 year fixed rate mortgage dipped in June to 3.94% and again in July to 3.90% which is an amazing incentive to buy in this seller's market! For specific questions on how these statistics affect you, please get in touch with me - pfjohnson@kw.com | 614.638.5817
Home prices are setting records in Central Ohio!! There were 4,201 central Ohio homes and condos added to the market in June, up almost four percent from the previous month and a 4.1 percent increase over the same month a year ago. With the increase of new listings, this brought central Ohio housing inventory to 5,077, which was a 10.2 percent gain over the previous month, although still 14.2 percent lower than June 2016. This left central Ohio with a 1.9 months supply of inventory at the current sales pace.
“Astute sellers realize it’s a smart time to list their home and take advantage of this seller’s market, Gordon said. This past month we saw a significant increase in inventory, and buyers wasted no time in purchasing.”
There were 3,401 central Ohio homes and condos sold during the month of June, which is 7.1 percent higher than May, but only a 0.4 percent rise over June 2016. At 15,146, sales for the first half of the year are just slightly (0.6 percent) ahead of last year. Last month, homes spent an average of 29 days on the market, which is four days less than May and seven days faster than June of 2016.
Central Ohio housing inventory continued to increase during the month of July to 5,498, an 8.3 percent increase over June, although still down 14.1 percent from July 2016. This left central Ohio with a 2.0 months supply of inventory at the current sales pace, according to the Columbus REALTORS® Multiple Listing Service.
“Although inventory is still down overall, the number of homes for sale has increased steadily in the last four months, which is not uncommon as the spring and summer months usually see the highest housing activity, said 2017 Columbus REALTORS® President Mic Gordon. Although slow and steady, the influx in inventory allows potential buyers to have more options to choose from. I’m optimistic that more inventory will be added to the market for the rest of the year.”
There were 3,051 central Ohio homes and condos sold during the month of July, which is 3.9 percent lower than the same month a year ago and a 10.3 percent decline over the previous month. Homes spent an average of 28 days on the market in the month of July, which is six days less than July 2016 and yet another record low for central Ohio.
“This is the fewest number of days homes have ever spent on the market,” Gordon said. “Homes are selling about as fast as they come onto the market!”
I always do a consultation with my buyers, if you have any questions about the home buying process regardless of what stage you're at let's get together! Franklin County just issued 2017 reappraisal values, if you own a home and haven't checked yours yet you can do so here. If you would like to know what your home is worth in this market based on local real estate data, I would love to do a complimentary Comparable Market Analysis! For any other questions you can reach me at 614.638.5817 or pfjohnson@kw.com
I am so proud to work for a company that truly gives back! KW Cares is mobilizing to contribute to relief efforts for Hurricane Harvey. Please visit www.kwrelief.org to donate money, time, support, supplies and more - every dollar counts!
Article shared and all information sourced via the Columbus Board of Realtors. To view the original and for more info see below:
Current housing report – June 2017 Current housing report – July 2017 All housing reports
