Greater Columbus Area Market Trends

(October 18, 2007)  Although home sales are down nationally, central Ohio home sales are not showing such dramatic decreases and are still above figures before the housing boom.  Home sales in August were down 12.8 percent nationwide, but only off by 7.4 percent locally. Pending sales at the end of August were down 21.5 percent nationally, but only down 5.7 percent in central Ohio according to the Columbus Board of REALTORS®.

“We keep saying that sales are pretty good and they are,” says Brad Bennett, President of the Columbus Board of REALTORS®. “Thus far, this year’s home sales are trailing last year by about 5.5 percent but still well above where we were before the housing boom. We expected the market to take a breather while correcting itself, and we’re seeing that happen this year.”

The average price of a home sold, January through September, in central Ohio is $173,940. This is down 1.2 percent from the average home sale price last year. And, although homes sold in September only took about 4 extra days to sell, year to date days on market is averaging about 107 days versus the 95 it took to sell a home last year.
 
“We’re seeing record numbers of homes put on the market for sale in the area which lends itself to a reduced sale price and longer selling period,” continues Bennett. “The flip side is, of course, that buyers should be really excited about the selection they have to choose from. And with interest rates and prices so competitive, this really is a great time to buy a home!"

(September 21, 2007)  Local REALTORS® are energized about the number of homes available for sale in the central Ohio area right now.  With the 4,505 new listings added to the market last month, that brings the total inventory of residential listings to 19,789 - a full 5.5 percent more than last year but almost twice (83 percent) the selection buyers had just 5 years ago according to the Columbus Board of REALTORS®.

"Buyers today have access to a greater variety of homes for sale compared to any other year in our history and interest rates are still hovering around 40-year lows," said Brad Bennett, President of the Columbus Board of REALTORS®. "And if that news isn't enough to get people excited about buying real estate, the Federal Reserve slashed their key rate this week by a half point which made borrowing at the lending level more affordable and should further strengthen our competitive mortgage interest rates."

Year to date sales are still short by about 4.7 percent when compared to last year which, at that time was still the second highest year on record for home sales. Home sales figures for the month of August show that, on average, homes are selling at a slower pace than the same month last year.

"REALTORS® are encouraging buyers to take advantage of this market," adds Bennett. "Although appreciation has been flat while the market corrects itself, homes have appreciated 33.7 percent over the last decade. Investing in real estate - especially in central Ohio - is one of the smartest long term decisions a buyer could make."