It’s snowing, slush is everywhere, ice is hiding here and there – and you can save thousands on your next home. Or can you?
It would seem that if you are a buyer and you are looking over the Holidays, you really want to buy. Similarly, if a Seller has their home on the market in December or January or February, they aren’t ‘testing the waters,’ they are motivated to sell their house. I’ve never actually vetted this idea though – to see if real life numbers match my long held belief that Columbus Real Estate is on sale when it’s cold outside. Until now.
Let’s take a look at the last two years of Spring and Winter Markets.In the Spring (April through July) of 2019, the average single family home sale in Franklin County sold for $257,399. That average home was 1,782 square feet.In the Winter (November through February 2020) of 2019-200, the average single family home sale in Franklin County sold for $236,404 and was 1,707 square feet. So, although slightly smaller, the average Winter home sale was about 8% less expensive than the previous Spring.
Taking a look at the previous year, the average Winter home purchase was 11% less expensive than the average home purchase the prior Spring season. Not surprisingly, the average Sale Price/List Price over all markets remained between 99-101% — meaning the average sale was about 100%, sometimes more, of whatever the last listed sale price was – there are no ‘deals’ to be had in Columbus real estate. At least not on the averages.In both of those Spring markets, the median number of days a home was on the market prior to going in contract was six days. In both Winter markets, that number stretched to about 16. Lower prices than the previous hot Spring markets and longer days on market mean that Winter is a great time to get out there and buy a home!
Please feel free to ask any questions about these numbers or about the market in which you have the most interest.In case you’re wondering, despite April showings falling off a cliff this year, the average single family home sale between April 1 and July 31 was $272,295, (just above the average asking price) that’s about a 5.5% increase over the 2019 Spring market. Despite the pandemic, Franklin County saw single family homes sales totaling almost $1.5 Billion between April and August -$1,458,686,002- though just over 500 fewer homes sold in the time frame than the previous year.