Greater Columbus Area Market Trends

(August 23, 2007)  Those central Ohioans interested in purchasing a home kept many sellers busy this summer as is evidenced by the rise in home sales last month. The 2,398 homes sold in July represent a five percent increase over the 2,283 sales last year according to the Columbus Board of REALTORS®.

“The increase in home sales last month is good news for both buyers and sellers, says Brad Bennett, President of the Columbus Board of REALTORS®.  “Obviously those sellers whose homes are on the market sigh with relief when sales are increasing.  But how does this benefit the buyer?”

“When you continue to have more homes for sale than buyers, as we’ve had for over a year now, home sales prices will flatten. Although this works in the buyer’s favor in the short term – i.e. the purchase of a home at a very competitive price, the buyer turned homeowner then wants to see the value of their home increase. In order for that to happen, the demand and supply need to move more towards a balanced market which requires either a decrease in housing inventory or an increase in sales.  Thus the increase in sales is good news for buyers.”

In addition to the increase in home sales, the number of homes which went into contract last month increased almost two percent over the previous year which suggests that sales will be on the increase again in August.

The average sale price of a home sold in July was $184,521 which is 0.8 percent behind the average sale price for the same time last year. Year to date, the average sale price is $176,495 which is a mere 1.1 percent behind last year.

“There is still money available at good rates,” adds Bennett. “And we have many reputable lenders here in central Ohio. Ask your REALTOR® for a recommendation.”