Although final 2020 statistics were not available at press time, housing market activity for the first 11 months has proven surprisingly strong in the wake of a pandemic that continues to plague the country.
Central Ohio home sales, prices were at record highs and homes were selling in record time, despite inventory declining to a record low.
September, October and November posted double-digit sales increases and the 2,900 homes in contract in November suggested yet another increase in sales for December.
Homes sold between $350,000 and $500,000 accounted for 14 percent of the sales so far in 2020, up almost 28 percent from last year. Five percent of the homes sold during the first 11 months of 2020 sold for $500,000 to $700,000, an increase of 28.6 percent. And homes over $700,000, roughly two percent of total home sales, are showing an increase of almost 30 percent (146 homes).
Listings under $350,000, which made up almost 80 percent of the sales so far in 2020, were down 1.3 percent from
last year.
For the period of January through November, the average sales price of a home was $265,139, up 9.6 percent from the same period in 2019. The median sales price was $231,750 which was an increase of 10.4 percent from a year ago.
The number of homes for sale dropped again in November to 2,591 which was 45.3 percent lower than a year ago and 19.7 percent lower than the previous month. This left central Ohio with less than a one-month supply meaning that, if no more homes were added to the market, those homes listed would be sold in less than a month based on the current sales pace.
Statewide, home sales were up 14.2 percent and the average price of a home sold in Ohio (January through November) was $217,576, an increase of 14.4 percent from 2019.
Nationally, home sales increased 25.8 percent in November and the median price home sold was up 14.6 percent to $310,800.
The final 2020 end of year report will be published in the next issue (March/April 2021).
