Funtjar Group

Funtjar Group Full service real estate services provided for both sellers and buyers. Over 50 years combined experience and nearly 2000 sold properties.

09/22/2022

Central Ohio Housing Report - August 2022
The housing market remains strong in Central Ohio with perks for both buyers and sellers.
Central Ohio home prices continue to rise and potential home buyers have more houses to choose from in the market. Columbus REALTORS® breaks down the August housing report for central Ohio.

The average price of a home in central Ohio is still climbing as the area continues to be a desired destination to live, work, and play.

The average sales price rose 9.7% compared to last August. The average home now sells for around $337,963. That’s an increase of nearly $30,000 year to year.

“A booming local economy continues to boost a healthy housing market,” said Sue Van Woerkom, 2022 President of Columbus REALTORS®, “Selling a home is still going to be profitable for sellers right now.”

The August housing market report also reveals home buyers have more inventory to choose from at the end of summer. Inventory jumped nearly 2.5% compared to August 2021.

“Home buyers are still facing a competitive market for the house of their choice,” said Van Woerkom, “More inventory is great, but offers still need to be strong to beat out sometimes a dozen others.”

Home buyers will have more time to compare their potential dream home to others. Homes sat on the market for about 15 days in August. That’s up from 11 days one year ago.

“Homes may be on the market a bit longer this August, but homes that are in hot zip codes and turn and key are going faster,” said Van Woerkom.

Home buyers are not hesitating in Blacklick and Gahanna. Homes were barely on the market for a week in those two communities which are close to where the new Intel fabrication campus is being built. It will employ around 3,000 people once it opens in 2025.

Homes in Westerville, Pickerington and Worthington have spent an average of 8 days on the market this year. Realtor.com named Worthington the third hottest zip code in the nation this summer.

“Three communities saw tough competition for houses in August,” said Van Woerkom. Homes in Sunbury, Powell, and Grandview Heights all saw homes spend half as much time on the market compared to last August. “Last August it took home buyers more than two weeks to sell in Sunbury and Powell. Now, their homes are gone in just over a week.”

04/20/2022

Home Sales Drop in March
Double digit home price increases combined with rising interest rates did not bode well for first quarter 2022 home sales in central Ohio.
During the last couple years, home buyers were quickly purchasing nine out of every ten homes listed. However, fewer buyers took advantage of the increased inventory last month.
In 2021, 91.3 percent of the homes listed were sold. In 2020, 92.8 percent of listed homes sold. During the first quarter of 2022, that average dropped to 82.1 percent ending at 73.8 percent in March.
The decrease in sales occurred despite a 6.4 percent increase in new listings last month and a five percent bump in February.

“Given the significant price increases we’ve seen over the past couple years, we’re seeing home buyers being more cautious and discerning when it comes to determining how much they will pay for a home,” said Sue Van Woerkom, 2022 President of Columbus REALTORS®.
“Job security and how long you plan to stay in a home are two key considerations. Unless you plan to pay down your principal sooner, keeping your eye on the horizon of seven to ten years is prudent in today’s market.”
The average price of a home sold in central Ohio this year ($303,306) marks a 11.2 percent gain compared to first quarter of 2021. At $260,000, the median sale price increased 11.3 percent year over year. The average sales price is the total volume divided by the number of homes sold. The median is the midpoint -- half the homes sell for less, while half sell for more.
The share of homes selling in the more affordable price ranges has dropped while homes over $350,000 have seen healthy gains in market share.
Although it took an average of 21 days to sell a home during the first quarter of 2022, it may not feel that way to buyers due to multiple offers and homes that go in contract their first day on the market.
Homes between $215,000 and $350,00 were selling very quickly – an average of 14 days. Homes priced under $215,000 sold in an average of 22 days, homes between $35,000 and $500,000 took 23 days and homes between $500,000 and $700,000 took 26 days while homes over $700,000 spent about a month and a half on the market.
“With higher home prices in central Ohio as well as across the nation, mortgage rate increases will be a challenge for many buyers,” added Van Woerkom.
“Although the inventory shortage won’t remedy itself this year, price appreciation is expected to taper off towards the end of the year and we anticipate an active homebuying season this spring.”

March 2022 Housing Report

01/27/2022

YEAR END HOUSING REPORT
December 2021 Housing Report: 2021 Central Ohio Housing Activity Breaks Records
Fervent buyer demand in central Ohio, driven by pandemic-induced changes to housing needs and preferences, reached extraordinary levels in 2021. This increased competition for homes resulted in multiple offer situations which drove prices significantly higher for the year.??



As a result, home prices and sales reached record highs while inventory and market time set record lows.



“The number of homes listed for sale last year was almost 11 percent higher than in 2020,” said Sue Van Woerkom, 2022 President of Columbus Realtors. “Yet seller activity simply couldn’t rise enough to meet the significant increase in demand.”



“We actually had more listings in 2021 than in any year since 2010, when the country was recovering from the stock market and housing crash of 2008, and far too many homeowners were forced to sell their homes.”



Home sales were up 9.1 percent to end the year at 36,489.



The overall median sales price increased12.1 percent to $260,000 for the year. Single Family home prices were up 12.6 percent compared to last year, and Condo home prices were up 14.3 percent.



Sellers received, on average, 102.2 percent of their list price at sale, up 2.4 percent from 2020.



Forbearance efforts by the government and lenders?continued for much of the year,?limiting distressed sales activity once again.?In 2021, the percentage of closed sales that were either foreclosure or short sale decreased by 29.2 percent to?finish?the year at 1.2 percent of the market.?Foreclosure?and short sale?activity may?increase in 2022, though the strong gains in equity seen by most homeowners in the last few years will help?to limit the number of distressed sales.?



New construction activity, while strong, remains limited by a combination of labor and supply shortages, rising material costs, and?a regulatory and operational environment that makes it difficult to scale quickly.?



“The ongoing pandemic makes it difficult to predict what housing activity will look like in 2022,” added Van Woerkom. “Many economists are forecasting that mortgage rates will rise slightly this year, so housing affordability?will remain an important factor to watch.”



“But we’re optimistic. Our strong job and economic climate continues to attract folks to central Ohio. And our builders are working feverishly to help provide more housing.”



2021 Annual Report

December 2021 Housing Report

All housing reports

Columbus REALTORS® is comprised of over 9,700 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.



The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Marion, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Muskingum, Perry and Ross counties

10/26/2021

Central Ohio Housing Report - September 2021
Record Listings & Sales in 3rd Quarter
Although inventory has been decreasing for the better part of 12 years, the central Ohio housing market saw year over year gains in the third quarter resulting in record home sales.

Third quarter saw 12,291 homes added to the market, which was almost 13 percent higher than 2020 (10,903). This is the highest number of new listings added in a quarter since 2006 when total inventory was over 18,600 and REALTORS® were selling 53 percent of the new listings.

Last quarter, home sales averaged over 3,600 as REALTORS® sold almost 90 percent of the new listings setting new records for home sales in central Ohio.

“Tight inventory over the past several years created a very competitive market causing some angst for many home buyers,” said Michael Jones, 2021 President, Columbus REALTORS®. “The increase in new listings has been a benefit and, as a result, we saw significant increases in homes that went into contract or have already sold.”

The average sale price increased 8.5 percent to $301,572 and the median price was $269,900 in September, a gain of 12.5 percent. Year to date, the average sale price was $298,817 and the median sale price was $260,000, up 13.5 percent and 13.0 percent respectively.

Conventional financing still reigns with almost 64 percent of the home sales in 2021.

The share of homes that sold for cash, versus financing, is just over 20 percent this year which is 1.5 percent more than in 2016, but still 7.3 percent fewer than homes sold a decade ago.

“Cash sales have been credited as the reason many home buyers have been at a disadvantage in getting the winning contract,” said Jones. “However, this new data suggests that buyers seeking financing still dominate the lion’s share of home sales and can be successfully competitive.”

The time it took to sell a home rose to 14 days last month.

Homes under $350,000 sold in an average of 12 days. Homes sold between $350,000 and $500,000 took about 15 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 19 days, and homes over $700,000 were on the market for an average of 26 days.

For the first three quarters of 2021, homes have sold in an average of 16 days. Breaking this down by price range, homes under $350,000 sold in an average of 13 days. Homes priced $350,000 -$500,000 took 17 days. Homes between $500,000 and $700,000 took 25 days to sell and homes over $700,000 sold in an average of 36 days.

September 2021 Housing Report
All housing reports

Columbus REALTORS® is comprised of almost 9,500 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.

The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Marion, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Muskingum, Perry and Ross counties.

To view residential properties for sale, visit Homesnap.com.
To view commercial properties for sale or lease, visit COCIE.org.
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09/23/2021

Central Ohio Housing Report - August 2021
Homes Selling for More than List Price
Unusually high demand for homes in central Ohio and lack of sufficient inventory has resulted in homes selling for more than the asking price for the last couple years.

The number of homes that sold for less than the list price as well as those that sold for more than the list price started almost equally early in 2021. However, homes that sold for more than the asking price escalated quickly and peaked this summer.

Three out of every five homes sold in August sold for more than the home was listed for according to Columbus REALTORS®.
“With such tight inventory, many buyers continue making the decision to offer more than the home was listed,” said Michael Jones, 2021 President, Columbus REALTORS®. “However, in the last couple months, buyers seem to be more contemplative when considering their offers and how much they’re willing to go over what the home may appraise for.”

Even with the tempering of over list price offers, August recorded the highest number of home sales in central Ohio history. The 3,694 sales last month was 9.3 percent higher than one year ago. Year to date (January – August), home sales are 10.3 percent ahead of 2020.

Record high contracts documented in August suggest home sales in September will also be impressive.

The number of listings added to the market last month was almost 12 percent higher than August of 2020, but down almost 13 percent lower than July.
“Fewer homes listed for sale in the fall is not surprising as kids head back to school and traditionally, the housing market tends to take a breath,” added Jones.

“However, even with record sales last month, the number of homes still available for sale was 24.4 percent higher than last year, providing buyers with even more selection.”

The time it took to sell a home remained at 11 days last month.

Homes under $350,000 sold in an average of 9 days. Homes sold between $350,000 and $500,000 took about 10 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 17 days, and homes over $700,000 were on the market for an average of 28 days.

For the first eight months of 2021, homes have sold in an average of 16 days. Breaking this down by price range, homes under $350,000 sold in an average of 14 days. Homes priced $350,000 -$500,000 took 17 days. Homes between $500,000 and $700,000 took 26 days to sell and homes over $700,000 sold in an average of 38 days.

The average price of a home sold in August was $308,087, up 10.4 percent from August of 2020. The median sale price was up 13.2 percent to $275,000.

August 2021 Housing Report
All housing reports

Columbus REALTORS® is comprised of almost 9,500 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.

The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Marion, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Muskingum, Perry and Ross counties.

To view residential properties for sale, visit Homesnap.com.
To view commercial properties for sale or lease, visit COCIE.org.
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Copyright © 2021 Columbus REALTORS®, All rights reserved.
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Columbus REALTORS®
2700 Airport Dr
Columbus, OH 43219-2268

08/25/2021

Central Ohio Housing Report - July 2021
More inventory, fewer sales!
For the fourth consecutive month, new listings increased by over 20 percent. Given the lack of inventory needed to meet demand for the last few years, double-digit increases in new listings have been accompanied by a corresponding increase in home sales.

But that wasn’t the case in July according to the Columbus REALTORS® Multiple Listing Service.

There were 4,612 homes added to the central Ohio market last month, which was an increase of 21.0 percent from last year. However, at 3,630, the number of home sales only increased 2.7 percent - a marked change from the double-digit increases seen in eight of the last 10 months.

“It’s possible we’re seeing a change in the pace of housing activity as we head into the fall,” said Michael Jones, 2021 President, Columbus REALTORS®. “The welcome increase in inventory is giving buyers more choices, as well as a little more flexibility to consider their options.”

The average price of a home sold in July was $313,737, up 12.8 percent from July of 2020. The median sale price was up 12.2 percent to $275,000.

Thus far in 2021, just under five percent of homes listed had list price increases prior to sale. However, 12.6 percent of homes needed a decrease in the list price in order to sell.

These price adjustments have trended down since the beginning of the year. Last month, just under 15 percent of homes saw price adjustments, whereas in January, 27.2 percent of homes had an adjustment to their price prior to sale.

“As REALTORS®, we recommend pricing a home at market value, usually a value that will appraise,” said Jones. “If the current market supports a higher value, we’ll see that in the offers.”

The time it took to sell a home remained at 11 days last month.

Homes under $350,000 sold in an average of 9 days. Homes sold between $350,000 and $500,000 took about 12 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 15 days, and homes over $700,000 were on the market for an average of 18 days.

For the first seven months of 2021, homes have sold in an average of 17 days. Breaking this down by price range, homes under $350,000 sold in an average of 14 days. Homes priced $350,000 -$500,000 took 18 days. Homes between $500,000 and $700,000 took 27 days to sell and homes over $700,000 sold in an average of 40 days.

July 2021 Housing Report

All housing reports

Central Ohio Housing Report - July 2021
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Copyright © 2021 Columbus REALTORS®, All rights reserved.
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06/22/2021

Homes Selling Faster Than Ever Before!
The time it took a home to sell during the month of May dropped to its lowest point on record. According to the Columbus REALTORS® Multiple Listing Service, listed homes took an average of 14 days to sell.

Days on market is calculated from the list date up until the actual day that the status is changed to Contingent, Pending, Temp off Market, etc. Days on market are the actual days that a property was Active.

“This is not necessarily how long the house has been on the market,” said Michael Jones, 2021 President, Columbus REALTORS®. “If an owner switches real estate agents, the number is reset. There are also occasions when a home is withdrawn and later relisted. This would also reset the DOM. However, REALTORS® are able to research the properties MLS history and can tell more effectively how long the property has been on the market.”

Ten years ago, there were 17,603 homes for sale – 88 percent more than today, and yet home sales today are 50 percent higher.

Market shares have also changed significantly over the last decade. In May 2011, homes under $350,000 accounted for 93.5 percent of the homes sold and it took an average of 109 days to sell. Last month, homes in that price range totaled 2,054, or 68.4 percent of the sales, and they sold in an average of 11 days!

At the other end of the spectrum, there were 13 homes over $700K that sold in May of 2011 and it took an average of 251 days for them to sell. This year, there were 137 homes sold in that price range - a 592 percent increase in market share – and they sold in an average of 27 days!

“The dramatic changes in market share and days on market provide meaningful insight into the needs and wants of today’s home buyer,” added Jones. “And the fact that we have so many more buyers in the higher price ranges impacts the average market home sale price.”

The average sale price jumped 21.8 percent from to $315,127 and the median sale price rose from $233,000 to $275,000 which was an increase of 18 percent, year over year.

A welcome increase in new listings resulted in a rise in the inventory last month, even with an increase in home sales. New listings rose almost 21 percent from a year ago and almost eight percent from April.

The number of homes sales also rose 18.1 percent year over year and 7.1 percent from the previous month. And a healthy increase of 15.3 percent in contracts suggests strong home sales ahead for June.

May 2021 Housing Report
All housing reports

Columbus REALTORS® is comprised of over 9,100 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.

The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Marion, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Muskingum, Perry and Ross counties.

To view residential properties for sale, visit Homesnap.com.
To view commercial properties for sale or lease, visit COCIE.org.

04/23/2021

New listings jump fifty percent in March
After two consecutive months of new listing declines, homes added to the market in March jumped 51.1 percent from the previous month. The 3,094 homes listed last month showed a marked improvement from the 2,047 new listings in February and 2,187 in January.
Buyers moved quickly on the added inventory putting 3,289 homes in contract, up 36.2 percent from February and 8.2 percent from last year.
This left the number of homes available for sale at the end of March at 1,639, down 51.9 percent from March of 2020, according to the Columbus REALTORS® Multiple Listing Service
As a result, months supply remains at 0.6 which means that, if no more homes were listed for sale, it would take just a couple weeks to sell the available inventory at the current sales pace.
“Inventory levels remain at record lows due to the significant increase in demand for homes in central Ohio that we’ve experienced for the last ten years,” said Michael Jones, 2021 Columbus REALTORS® President. “Meeting that demand is a process and will take time.”
“As every seller creates an opportunity, we’re hopeful that more homeowners will enter the market as things open up this spring and summer.”
Despite the drop in pending contracts reported in February, home sales increased almost 30 percent last month putting the first quarter of 2021 about three percent ahead of last year.
The average home sale price rose to $272,723 during first quarter 2021, an increase of 13.1 percent from one year ago. At $233,500, the median sale price reflected a gain of 11.2 percent.
Although homes have been selling in about 25 days this year, the time it takes a home to sell is based on several factors such as location, condition, and price.
Homes under $350,000 sold in an average of 20 days. Homes sold between $350,000 and $500,000 took about 33 days to sell. Homes sold between $500,000 and $700,000 sold in an average of 52 days and homes over $700,000 took an average of 64 days to sell.
March 2021 Housing Report
All housing reports
Columbus REALTORS® is comprised of over 8,700 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross counties.
To view residential properties for sale, visit Homesnap.com.
To view commercial properties for sale or lease, visit COCIE.org.
Copyright © 2021 Columbus REALTORS®, All rights reserved.

03/23/2021

Can inventory get any lower?

(Mar. 22, 2021 – Columbus Ohio) Although new listings remained relatively unchanged over the last decade, there was a noticeable drop in new listings in February 2021. Down almost 17 percent from the average for the second month of the year, the drop did little to assuage the many buyers looking for homes today.

Fewer homes added to the market resulted in fewer contracts and sales. Although sales were only down three percent last month, In Contracts – an indication of sales to come - dropped almost 12 percent.

Five years ago, there were over 5,400 homes for sale in central Ohio. Ten years ago, there were over 15,500 homes for sale.

However, February 2021 ended with just 1,689 homes listed for sale, down 48.1 percent from a year ago and the lowest on record according to the Columbus REALTORS® Multiple Listing Service.

Additionally, the months supply remains at 0.6 which means that, if no more inventory were added to the market, it would just over two weeks to sell all listed homes based on the current sales pace.

The BIA of Central Ohio reported that 11,864 housing permits were obtained by builders in 2020, a 46 percent increase from 2019 and the highest number since 2005 and preliminary data suggests a 32 percent increase in single-family permits in January.

Even with the additional new homes, central Ohio is still short of what is needed to meeting existing demand.

Areas that saw an increase in new listings last month include Grove City, Gahanna, Groveport, Downtown Columbus, Canal Wi******er, Whitehall, Obetz, and Johnstown.

“We’ve never seen inventory this low before,” said Michael Jones, 2021 Columbus REALTORS® President. “As a result, housing is moving at a frenzied pace and we’re seeing multiple offers and offers over asking price.”

“Buyers interested in winning the bid need to be prepared and move quickly.”

Although the average days on market last month was 26, the time it takes a home to sell is based on several factors such as location, condition, and price.
Homes under $350,000 sold in an average of 21 days. Homes sold between $350,000 and $500,000 took about 39 days to sell. Homes sold between $500,000 and $700,000 sold in an average of 57 days and homes over $700,000 took an average of 68 days to sell.

The average home sale price was $266,893 in February, an increase of 13.4 percent. At $255,500, the median sale price reflected a 7.4 percent gain.

With demand significantly outpacing supply, most homes sold in February sold for more than the list price. Those home that did sell for more than asking price, sold for an average of five percent more.

“Many homeowners have been reluctant to open their homes for showing due to concerns about the pandemic,” added Jones. “We expect to see an increase in sellers entering the market this spring as more and more people get vaccinated.”

February 2021 Housing Report
All housing reports

Columbus REALTORS® is comprised of over 8,700 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.

The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross counties.

To view residential properties for sale, visit Homesnap.com.
To view commercial properties for sale or lease, visit COCIE.org.

NIMBY (Not In My Back Yard) to YIMBY (Yes In My Back Yard) - Part 2 continues the conversation about the obstacles and impediments developers face in getting homes and apartments approved and built as well as the positive impact development has on our local economy and schools.

For instance, the burden to schools is often used as an argument against new development. Did you know that:
Existing homes average .317 kids per unit
New homes average .312 kids per unit
and apartments only add .076 kids per 20+ unit MF structure!
Get the facts. Watch this video!

Moderated by Brent Swander, VP of Government Affairs, Columbus REALTORS®, presenters included:
Jon Melchi, Executive Director, Building Industry Association of Central Ohio
Andrew Bowsher, Reynoldsburg Development Director
Dave Efland, Planning & Community Development Director, City of Delaware.

Hosted by the Builder/REALTOR® Alliance Committee. Watch video.
Copyright © 2021 Columbus REALTORS®, All rights reserved.

Proud of my new designation !
02/04/2021

Proud of my new designation !

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Pickerington, OH
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