Market Shifting as Spring Selling Season Arrives
Homes are taking longer to sell: Now 41 days on the market on avg, nearly a 5 year high. More homes for sale: Overall inventory jumped 20%, and $200-$250K homes shot up 56%.Fewer affordable homes are selling: Sales under $300K dropped 9%.Prices? Barely moved—up just 3.5% vs 2024. Buyer markets starting to show….Johnstown & Groveport over $500K: Strong buyer’s markets—plenty of negotiating power here.Licking Heights over $500K: Buyer’s market with more homes sitting longer. Mt. Vernon $300K-$500K: Balanced market—buyers and sellers on even ground.SW Licking under $300K & over $500K: Trending toward balanced but still favoring sellers slightly. Reynoldsburg over $500K: Getting closer to balance, but sellers still have an edge for now.
In assessing the current market status, our focus lies on the absorption rate, also known as months of supply. This key metric is derived by dividing the available inventory by the number of closed sales for a time period.
Market Categorization:
Strong Sellers Market: An absorption rate below 2 indicates a strong seller’s market.
Sellers Market: Having 2 to 4 months of supply falls under a seller’s market category.
Balanced Market: Falling within the 4 to 5 months of supply range signifies a balanced market.
Buyers Market: A market with 5 to 7 months of supply is classified as a buyers market.
Strong Buyers Market: The scenario where there are 7 months or more of supply represents a strong buyers market.
Segmentation for Analysis: To provide a comprehensive market status report, the absorption rate breakdown is conducted based on price categories and school districts. This approach allows for a detailed understanding of the dynamics within different segments of the real estate market in our area.
By regularly monitoring and dissecting the absorption rates across various segments, we are equipped to offer informed insights and guidance to both buyers and sellers navigating the ever-evolving real estate landscape. Regardless of the chart results it is important to consult with a realtor and do your own research when buying or selling real estate. Markets move fast and it's important to check the latest inventory figures and comparable sales.
All data referenced from the Columbus Board of Realtors
