The Sell for 1 Percent team breaks down the latest numbers, reporting just 4,600 active listings currently on the Columbus market, which is fewer than anticipated for this time of year. Despite lower-than-expected inventory, the market is still moving quickly—median days on market has plummeted from 77 days in February all the way down to just 28. For Franklin County sellers, this signals that it’s no longer the simple ‘sign-in-the-yard’ market of the pandemic; closing a deal now requires skilled negotiation around remedies and appraisal gaps.
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Full Transcript
4600 active listings in the market today. 4600. 4.607k.
That’s less than the gallon of gasoline. Is that a big number or a small number? It’s smaller than what I was expecting. I think I had a bet that we’d be up around 6,000.
So, less homes than what I thought we’d have on the market right now. But the days on market continues to kind of tick down. It’s slowing a little bit.
Like, in March, we were at 104 average days. And then, you know, beginning of April, we got down to, like, 85. Right now, we’re down to 82.
And I would think that, you know, May should kind of be prime time. Now, we have Mother’s Day this weekend. So, anyone that’s looking at stats after this weekend, it’s going to be slower.
So, it’s not a good weekend to, like, look at the market and say, oh, my gosh, the world’s ending. The median days on market in the metro is down to 28. So, that’s, I mean, that’s humming.
We were back in February with a snowstorm. We’re around 77 days. So, that’s a big drop in median days on market.
Price decreases has gone up slightly in the last two weeks. So, more listings are dropping price than they were two weeks ago. And I kind of feel that, you know, and I don’t know it’s all gas prices or all Iran or interest rates or whatever, the Hanta virus, whatever is going on in the world.
But it does feel to be a little bit slower than what I was expecting for beginning of May. But the market’s still pretty strong for sellers. So, you know, really not a bad market at all.
It remains to me a pretty market in Columbus, Ohio, but definitely a market where buyer agents can kind of command their commissions. You will deal with remedies. You’re not going to get big appraisal gaps.
And so, you know, it’s a market that, in my opinion, you want somebody like me, like dad and Jaime and Rich, that we have some tact, some skill, excuse me as I die, some skill, some know-how that can insulate the deal and get the deal closed. There is a bit of an art to this. It’s not as simple as it was during COVID where you put a sign in the yard and it’s going to sell in 30 minutes.
You’re going to have 28 offers and look like the world’s smartest realtor. I mean, that was like the best time ever to be a realtor. Anybody could do it back then when there was a thousand houses for sale.
Right now, it takes a little bit of skill. And that’s where, you know, you bring in someone like us that we have 50 years combined experience. This is all we do is list houses and get them pushed out and cleared out.
So, market is pretty good.