Spring-Like Home Sales Point To 'Hot Summer'
Despite record-low inventory, central Ohio home sales were strong last month.
It may be winter, but January home sale data looks more like spring.
According to Columbus REALTORS, home sales were up 9 percent, in January, and they sold more quickly than what is typical for winter...60 days.
Aaron Terrazas is a senior economist for Zillow, an online real estate database. He said shorter days on the market means a tight turn around during the peak selling season.
“The fact that we are seeing kind of, you know, early spring numbers even while we’re still in the middle of winter kind of suggests we’re going to have a hot summer," he said.
Record-low inventory is driving up prices. Median sale prices were at $153,000, up 9.3 percent over last January.
Terrazas noted inventory will increase, as it always does, during spring and summer. He added the sellers’ market may encourage additional inventory.
“I certainly do see some of that phenomenon where sellers sense it’s a good market and start to supply more inventory," he said. "But it’s not going to be so much as to flip the market.”
“It’s, I think, a good moment in that kind of crisis and recession are well behind. But, like I said, there’s some uncertainty about what lies ahead," Terrazas said.