April Home Sale Statistics
The biggest takeaway from this past month is that the average days on market is up across the board. How can that be if homes are selling so fast, though?
There is such an extreme shortage of inventory (enough homes for people to buy), that there are too many buyers. Because of this, a lot of homes are staying on the market longer to accommodate the number of buyers coming through. For example, a home may be listed for sale Tuesday, but the sellers are going to wait until the following Monday or Tuesday to make a decision on any offers they receive. This way, they can allow as many people through as possible which in return allows for as many offers as possible.
As the average days on market goes up for the homes that typically sell quick because they are waiting for people to come through, it increases the overall days on market of the homes that may be overpriced and are sitting for longer periods of time.
The other interesting stat to look at is the average price of homes are up, especially in Blacklick, Hilliard, and Pickerington. In New Albany it is crazy to think the average price of home sold last month was over $500k!
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